Peggy Cherng

Peggy Tsiang Cherng
Born	1947/1948 Mawlamyine, Myanmar
Occupation(s)	Entrepreneur, computer scientist
Years active	1975–present
Known for	Co-founder and co-CEO of Panda Restaurant Group

Peggy Tsiang Cherng (pronounced , born 1947/1948) is an American billionaire entrepreneur and computer scientist who co-founded Panda Express in 1983 and currently holds the position of co-chief executive officer at Panda Restaurant Group. As of October 2024, her net worth is estimated at US$3.7 billion, placing her among the 400 richest individuals worldwide and ranking her by Forbes as the second wealthiest self-made woman in the United States born outside the country. The Cherng family oversees their assets through their private family office, the Cherng Family Trust.

Early life and education

Peggy Cherng was born in Mawlamyine, Myanmar, and spent her formative years in Hong Kong, completing her education at Clementi Secondary School in 1966. She then relocated to the United States to attend Baker University in Kansas, where she met Andrew Cherng, her future husband. Subsequently, she transferred to Oregon State University, earning a bachelor's degree in applied mathematics in 1970. She pursued graduate studies at the University of Missouri, obtaining a master's degree in computer science in 1971 followed by a PhD in electrical engineering in 1974. Her doctoral work focused on creating pattern-recognition software aimed at digitizing X-ray images for diagnosing congenital heart defects. After earning her doctorate, Peggy and Andrew moved to Los Angeles and got married.

Early career

Between 1975 and 1977, Cherng worked as an engineering specialist at McDonnell Douglas, where she developed battlefield simulation software for the US Air Force. From 1977 until 1982, she was employed as a technical engineer and managed the software department at Comtal Corporation, a subsidiary of 3M.

Panda Restaurant Group

In June 1973, Andrew Cherng and his father Ming Tsai Cherng launched Panda Inn in Pasadena, California, financed through family savings combined with a loan from the Small Business Administration. Peggy left Comtal in 1982 to join Panda Restaurant Group as Operations Manager, where she implemented computer systems to monitor customer feedback, manage inventory, and enhance operational efficiency.

The inaugural Panda Express fast-food outlet debuted in 1983 at Glendale Galleria II mall in Glendale, California, a development encouraged by the mall’s developer who was also a Panda Inn patron. Peggy assumed the role of president in 1997 and served as CEO and president until 2003; from 2004 onward, she has been co-chair and co-CEO. Under their leadership, Panda Restaurant Group expanded by acquiring interests in several franchises including Urbane Cafe, Just Salad, Uncle Tetsu, Pieology, and Ippudo. As of 2018, nearly all Panda Express locations remained company-owned and operated without franchising or public offering. By 2019, the chain had grown to over 2,200 locations with Peggy as co-leader.

By March 2018, the Cherngs’ net worth had climbed to $3.3 billion. In 2019, Peggy ranked twelfth on Forbes' list of America's Self-Made Women. That same year, her development company CFT NV Developments LLC acquired $10 million worth of property in Hawaii, where she and Andrew act as master franchisees for Raising Cane's Chicken Fingers. She also holds board memberships with the Los Angeles branch of the Federal Reserve Bank of San Francisco, United Way of Los Angeles, Methodist Hospital of Arcadia, and the Peter F. Drucker School of Management.

Philanthropy

Peggy and Andrew Cherng have demonstrated ongoing commitment to various charitable initiatives through Panda Cares, the philanthropic division of the Panda Restaurant Group. Their support spans healthcare, education for disadvantaged youth, medical and scholarly research, disaster assistance, and other important causes.

In February 2011, the Cherngs contributed $2.5 million to the Collins College of Hospitality Management at California State Polytechnic University, Pomona. Later, in March 2017, the California Institute of Technology honored their $30 million donation by renaming its medical engineering department as the Andrew and Peggy Cherng Department of Medical Engineering. That same year, the University of Missouri benefited from a $1.5 million gift directed toward its Honors College.

In 2023, the Cherng family made a historic $100 million donation to City of Hope to enhance cancer treatment by combining Eastern and Western healing practices—this stands as the largest single contribution ever received by the Duarte-based cancer center. Subsequently, in February 2025, they gave $17 million to St. Rose Dominican Hospital’s Siena Campus in Henderson, Nevada, marking the most substantial donation in the hospital’s 78-year history.

Personal life

The Cherng family includes three daughters: the oldest holds the position of chief marketing officer at Panda Express; the middle daughter oversees investments for the Cherng Family Trust; and the youngest is actively engaged with the Panda Charitable Foundation.

In 2018, the Cherng Family Trust purchased the former Mandarin Oriental hotel on the Las Vegas Strip for $214 million and subsequently rebranded it as a Waldorf Astoria property. As of November 2019, Peggy and Andrew Cherng reside in Henderson, Nevada.