Executive Spotlight: Who Is Jeff Osterfeld, Founder & CEO of Penn Station East Coast Subs? (2027)
Jeff Osterfeld is the founder and CEO of Penn Station East Coast Subs, a franchised sub-sandwich chain headquartered in Milford, Ohio, near Cincinnati. The company's history page says he opened the first Penn Station in downtown Cincinnati in 1985 and turned it into a franchise concept in 1988.
A September 2025 Cincinnati Business Courier report, republished by WKRC Local 12, put the chain at 322 locations across 15 states. This page covers public professional information only, taken from pages read for this page.
Current role and company
The company's own history page calls Osterfeld the founder and Chief Executive Officer of Penn Station, Inc. A February 2022 announcement of executive promotions quoted him as founder and CEO, with Lance Vaught named President and Craig Dunaway Chief Operating Officer. A January 2022 release had quoted Dunaway as President, so the president title changed hands during that period.
- CompanyPenn Station East Coast Subs (Penn Station, Inc.), headquartered in Milford, Ohio (FastCasual, 2010).
- TitleFounder and CEO (company history page; Franchising.com, Feb 2022).
- ModelFranchised restaurants with one corporately owned store; about 95% of franchise partners operate within 350 miles of Cincinnati (Cincinnati Business Courier, Sep 2025).
- Footprint322 locations in 15 states (Sep 2025). The company history page itself says over 320 restaurants in 14 states, so the state count differs by source.
Career path
- Miami University. The Miami Student (February 2024) says he earned a management marketing degree at Miami University's Farmer School of Business, and that he ran a painting business through high school and college.
- Jeffrey's Delicatessen (1983). The company history says his first venture was a deli in the Dayton Mall in Dayton, Ohio, where he developed what it calls an ownership mentality and added a Philly cheesesteak variation to the menu.
- First Penn Station (1985). He opened the first Penn Station in downtown Cincinnati. The original menu had four sandwiches, including the grilled cheesesteak, plus fresh-cut fries and hand-squeezed lemonade.
- Franchising (1988). The company history says the concept became a franchise concept that year. FastCasual (2010) adds that he sold stores to a former employee in 1988 and that the franchisee still ran 17 units in 2010.
- Recent years. In 2022 the company promoted Vaught to president and Dunaway to COO; Osterfeld said he expected the brand to reach 600 locations eventually. The 2025 report cites a plan for 650 locations within five to seven years.
A note on dates: FastCasual's 2010 article says he launched Penn Station in 1983, while the company history places the first Penn Station in 1985 and the deli in 1983. This page follows the company's own history.
What Osterfeld is known for
- Building a regional chain. From one downtown Cincinnati restaurant in 1985 to 322 locations by September 2025, with growth concentrated in markets such as Columbus, Pittsburgh, Detroit, Nashville, Richmond, Raleigh and Charlotte.
- Fresh, display-cooked subs. The company history describes an upscale quick-service concept built on fresh ingredients and display cooking.
- The Founder's Special. The Miami Student describes a Founder's special sandwich that honors the chain's 30th anniversary in 2015: the signature cheesesteak with teriyaki, mayo, onion, mushrooms, peppers and extra cheese.
- Giving back to the university. The same article says he has given guest lectures in Miami's entrepreneurship classes.
Leadership style and philosophy
These are Osterfeld's own words, as quoted by FastCasual in 2010.
- On expectations. "I didn't do this with the thought that someday I'd be a 1,000-unit chain."
- On growth pace. "My nature is extremely conservative so we've grown very cautiously."
A 2019 WLW (iHeart) profile, written by the station rather than quoting him, says he plans on a five-to-ten-year horizon and hires detail-oriented, determined people.
Key numbers
Figures are company-reported or from press, each with its period. They are not audited and unit counts change.
- 2009-2010 (FastCasual)Projected 2010 revenue of $119 million, up from $114 million in 2009; 221 locations after 25 years.
- 2021 (company release, Jan 2022)Systemwide sales up more than 21%; comparative same-store sales up 20%, after nearly 5% in 2020.
- Sep 2025 (Cincinnati Business Courier)322 locations in 15 states; one corporate store; growth target of 650 locations in five to seven years.
- Company history page (undated)Over 320 restaurants in 14 states.
Questions people ask
Who is Jeff Osterfeld?
He is the founder and CEO of Penn Station East Coast Subs, which he started in Cincinnati in 1985, according to the company's history page.
When did Penn Station start franchising?
The company history says 1988, three years after the first restaurant opened.
How many Penn Station locations are there?
A September 2025 Cincinnati Business Courier report says 322 across 15 states. Counts change, and the company's own page says over 320 in 14 states.
Where is Penn Station headquartered?
In Milford, Ohio, near Cincinnati, per FastCasual (2010) and company releases.
Who runs day-to-day operations?
A February 2022 announcement named Lance Vaught president and Craig Dunaway chief operating officer, with Osterfeld remaining founder and CEO. Roles may have changed since.
Sources
- Penn Station: About our history · Founder and CEO title, 1983 deli, 1985 first restaurant, 1988 franchising, 320+ restaurants
- The Miami Student: Miami alum brings sandwich chain to Oxford (Feb 2024) · Education, early career, Founder's special, 300+ restaurants; hero photo (caption names Jeff Osterfeld)
- FastCasual: Penn Station charters new growth territory (Nov 7, 2010) · Milford headquarters, 2009-2010 revenue, 221 units, quotes
- Franchising.com: Penn Station East Coast Subs Announces Record Year (Jan 6, 2022) · 2021 systemwide and same-store sales growth
- Franchising.com: Penn Station East Coast Subs Announces Executive Promotions (Feb 14, 2022) · Vaught and Dunaway promotions, 600-location expectation
- WKRC Local 12 / Cincinnati Business Courier: Penn Station plans to double in size (Sep 7, 2025) · 322 locations, 15 states, 650-location plan, 350-mile radius
- WLW (iHeart): Cincy Spotlight featuring Jeff Osterfeld of Penn Station (Sep 30, 2019) · Planning horizon and hiring approach (station's description)
Facts were read from the linked pages on November 1, 2026. Titles and counts are as of the dates shown; no current 2026 unit total was confirmed. The hero photo is a solo portrait from The Miami Student, whose caption says the pictured person is Miami alum Jeff Osterfeld, who founded Penn Station. It is shown whole, centered on a blurred card. Photo: Kevin Behan, The Miami Student. This page covers public professional information only.
Top photo: Kevin Behan, The Miami Student