Andrew Cherng
| Andrew Cherng | |
|---|---|
| Born |
Jin Chang Cherng 1948 (age 67–68) Yangzhou, Jiangsu Province, China |
| Nationality | American |
| Alma mater |
Baker University (B.S., Mathematics, 1970) University of Missouri (M.S., Mathematics, 1972) |
| Occupation | entrepreneur, restaurateur, philanthropist |
| Known for | Founder of the Panda Express restaurant chain |
| Net worth | US$ 3.2 billion (June 2015)[1] |
| Spouse(s) | Peggy Tsiang Cherng (1975-) |
| Children | 3 daughters [2] |
| Parent(s) | Ming-Tsai Cherng (father) |
Andrew Cherng (pronounced Chur-ng; born 1948) is a Chinese-born American restaurateur. He is the founder and chairman of Panda Restaurant Group Inc., based in Rosemead, California.[3] He is well known for being the co-founder and chief executive officer of Panda Express.
Early life and education
Cherng was born in 1948 in Yangzhou, Jiangsu Province, China on the northern bank of China’s Yangtze River.[4] His father was Ming-Tsai Cherng, a chef.
He and his family then moved to Taiwan,[2] and in 1963, his family moved to Yokohama, Japan, where his father had taken a job as a chef.[5]
In 1966, at age 18, he immigrated to the United States to study at an American university. He earned a B.S. degree in Mathematics in 1970 from Baker University in Baldwin City, Kansas, and an M.S. degree in Applied Mathematics from the University of Missouri in 1972.[4] At Baker University he had met his future wife, Peggy Tsiang, born in Burma and raised in Hong Kong,[6] who went on to earn a B.S. degree in Mathematics from Oregon State University in 1971 and a Ph.D. in Electrical Engineering from the University of Missouri.[5]
Business career
In 1972, he moved to the Los Angeles area to help his cousin run a restaurant called Ting Ho. After a few months, he found a restaurant in Pasadena to take over.
In June 1973, along with his father Ming Tsai Cherng, they took over a restaurant and started a new Chinese restaurant called Panda Inn in Pasadena, California on Foothill Boulevard, using funds from the family and a Small Business Administration loan. It opened on June 8, 1973.[4] The cuisine was Mandarin more than the usually found Cantonese in the area.
In 1983, Andrew Cherng conceived of opened the first Panda Express, a fast food restaurant, at the newly opened Glendale Galleria II mall in Glendale, California.[7][8] He had been prompted to start the spin off by the developer of the mall who had eaten at Panda Inn and invited Cherng to take a place at the food court.[9]
The company had expanded to 100 restaurants by 1993, with the opening of an outlet at the University of California, Los Angeles.[8]
The chain has become one of the biggest Chinese American family owned fast food chains in the United States. Cherng has stated a preference for keeping the company closely held. However, in 2006 he told USA Today if the company could get a valuation close to that of Chipotle Mexican Grill, he might reconsider his stance.[8] However, in an interview with the The Seattle Times newspaper in 2008, he said he would not be interested in the company becoming a public company as it didn't make sense since at the very least the company didn't need the money and also didn't want the expense or headache of dealing with shareholders.[2]
Personal life
Andrew and his fiancee, Peggy, who was working for aircraft companies in the Los Angeles area, married in 1975. They have three daughters. Two of their daughters, Andrea and Nicole, work for the Panda company in its corporate headquarters.[10] Their daughter Michelle is a primary/secondary school teacher.
In 2015 it was reported that he and his wife had invested $15.2 million in a beachfront property and home in Honolulu.[11]
Honors
- Since 2010, Cherng has been a member of the Committee of 100, an international, non-profit, non-partisan membership organization that brings a Chinese American perspective to issues concerning Asian Americans and U.S.-China relations.[12]
- Member of Fremont College's Program Advisory Committee.[13]
- In 2008, Cherng was listed in Forbes' Twenty-Five Notable Chinese-Americans.[14]
- In 2008, California State Polytechnic University, Pomona conferred Cherng the honorary degree of Doctor of Humane Letters [15]
References
- ↑ "Andrew & Peggy Cherng". Forbes. Retrieved 18 June 2015.
- 1 2 3 Hirsch, Jerry, "Profile: Andrew Cherng, Panda Express founder", Seattle Times, Sunday, August 31, 2008.
- ↑ About Panda Restaurant Group - website
- 1 2 3 Eng, Dinah, (interviewer) "How Panda Express brings Chinese food to the mall", Fortune magazine, February 19, 2013.
- 1 2 Levine, Bettijane, "Passion for Panda", Pasadena Weekly, July 1, 2011
- ↑ Jennings, Lisa, "Having words with Peggy Tsiang Cherng: chief executive and co-chair, Panda Restaurant Group", Nation's Restaurant News, August 1, 2005
- ↑ "Panda Express Story", Panda Express website
- 1 2 3 Krantz, Matt (September 13, 2006). "Panda Express spreads Chinese food across USA". USA Today.
- ↑ Hirsch, Jerry (August 31, 2008). "Profile | Andrew Cherng, Panda Express founder". Los Angeles Times.
- ↑ Leibowitz, Ed, "The Tao of Panda Express: The Chinese food chain’s success story—how a single outlet in the Glendale Galleria grew to 1,800 locations worldwide—begins with one secret ingredient: owners who care", LA Magazine, April 20, 2015
- ↑ Shimogawa, Duane. "Panda Express billionaire founders buy $15.2M Hawaii oceanfront estate", Pacific Business News, March 24, 2015. Accessed June 18, 2015.
- ↑ "About Us: Members", Committee of 100 website
- ↑ "Profile: Andrew Cherng", Fremont College.
- ↑ "Twenty-Five Notable Chinese-Americans", Forbes magazine, September 5, 2008
- ↑ "Bio: Andrew Cherng", California State Polytechnic University, 2008