Andrew Cherng
Andrew Cherng | |
|---|---|
| Born | Template:Birth year and age Yangzhou, Jiangsu Province, Republic of China |
| Occupation(s) | Entrepreneur, billionaire |
| Known for | Founder and chairman of Panda Restaurant Group; co-founder and co-CEO of Panda Express |
| Spouse | Peggy Tsiang (m. 1975) |
| Children | 3 |
Andrew Cherng (; pronounced ; born April 1948) is a Taiwanese-American entrepreneur and billionaire, originally from China, known for his role in the restaurant industry. He founded and chairs the Panda Restaurant Group, which is based in Rosemead, California.<ref> Additionally, he acts as co-founder and co-chief executive officer (co-CEO) of Panda Express. The Cherng family oversees their financial ventures via the Cherng Family Trust. As of February 2025, Forbes estimates his net worth at approximately US$4 billion, placing him among the global elite in wealth.<ref>
Early life and education
Born in April 1948 in Yangzhou, Jiangsu Province, Republic of China (1912–49), Andrew Cherng is the son of Ming-Tsai Cherng, a professional chef.<ref> Following the conclusion of the Chinese Civil War, his family moved to Taiwan, and later in 1963 relocated to Yokohama, Japan, where his father continued his culinary career.<ref>
At 18 years old, in 1966, Cherng emigrated to the United States to pursue higher education. He completed a bachelor's degree in mathematics at Baker University in 1970 and went on to obtain a master's degree in applied mathematics from the University of Missouri in 1972.<ref> During his time at Baker University, he met Peggy Tsiang, who would become his wife; she earned her bachelor's in mathematics from Oregon State University and later attained a PhD in electrical engineering from the University of Missouri.<ref>
Business career
In 1972, Cherng relocated to Los Angeles to assist his cousin with managing the Ting Ho restaurant before acquiring a restaurant in Pasadena himself.
Together with his father Ming-Tsai Cherng, he founded Panda Inn in June 1973 on Foothill Boulevard in Pasadena, California, financed through family resources and a loan from the Small Business Administration. This establishment offered a wider variety of Chinese dishes than the predominantly Cantonese options available locally.
The first Panda Express fast-casual outlet was launched by Andrew Cherng in 1983 at Glendale Galleria II mall located in Glendale, California. The mall developer, impressed by Panda Inn’s success, invited him to open a location within its food court. By 1993, the brand had expanded to 100 restaurants, including one at University of California, Los Angeles.
Cherng has maintained a preference for keeping the company privately owned. In 2006, he mentioned the possibility of an initial public offering if the valuation matched that of competitors such as Chipotle Mexican Grill. Nevertheless, by 2008 he reiterated no plans for going public due to sufficient capital and concerns about managing shareholder relations.
The Cherng family has extended their investment portfolio into various dining concepts including Just Salad, YakiYan, Ippudo, and Pieology.
In 2018, through the Cherng Family Trust, they acquired the former Mandarin Oriental hotel on the Las Vegas Strip for $214 million and subsequently rebranded it as part of the Waldorf Astoria collection.
Philanthropy
In February 2011, Andrew and Peggy Cherng contributed $2.5 million to support the Collins College of Hospitality Management at California State Polytechnic University, Pomona.
In March 2017, following a $30 million donation from the couple, the California Institute of Technology renamed its medical engineering department as the Andrew and Peggy Cherng Department of Medical Engineering. The following month, their $1.5 million gift benefited the Honors College at the University of Missouri.
In 2023, the Cherngs made a landmark $100 million contribution to City of Hope to enhance cancer treatment by integrating Eastern and Western medical practices; this stands as the largest donation ever received by the Duarte-based cancer center.
Most recently in February 2025, they donated $17 million via the Cherng Family Trust to St. Rose Dominican Hospital – Siena Campus in Henderson, Nevada. This historic gift—the largest single donation in the hospital’s 87-year history—enabled purchase of an 88,000-square-foot facility now named the Cherng Family Medical Building. The expansion supports enhanced cancer care alongside trauma and pediatric services. Over several decades, the Cherng family has collectively donated nearly $400 million toward healthcare initiatives.
Personal life
In 1975, Cherng wed Peggy Tsiang. Together, they have three daughters, with two—Andrea and Nicole—holding positions at Panda Express's main office located in Rosemead.
The couple acquired a beachfront estate in Honolulu for $15.2 million in 2015, followed by the purchase of a luxury residence in Henderson, Nevada, in 2018.
Honors
- Cherng has been affiliated with the Committee of 100 since 2010, a non-profit organization that advocates for Chinese American viewpoints on U.S.-China affairs.
- Forbes recognized him as one of Twenty-Five Distinguished Chinese-Americans in 2008.
- That same year, he received an honorary doctorate from California State Polytechnic University, Pomona.
External links
- 20th-century American businesspeople
- 21st-century American businesspeople
- American billionaires
- American chief executives of food industry companies
- American food company founders
- Baker University alumni
- Businesspeople from Jiangsu
- Businesspeople from Los Angeles
- Chinese emigrants to the United States
- Fast-food chain founders
- Businesspeople from Pasadena, California
- Members of the Committee of 100
- University of Missouri alumni
- 1948 births
- Living people
- Chinese Civil War refugees
- American people of Taiwanese descent