CEO Today Top 50 – Andrew Cherng
CEO Top 50
Name: Andrew Cherng
Net worth: Approx. $2.9 billion Executive pay: $7 million
Company: Panda Express
Bio: Born in the Republic of China, Andrew Cherng moved to the United States in 1966 at the age of 18 to attend an American University. He graduated from Baker University in Baldwin City with a bachelor’s degree in mathematics in 1970 and received a master’s degree in applied mathematics from the University of Missouri in 1972.
The first Panda Express was opened by Cherng at Glendale Galleria II mall in Glendale, California in 1983.
By 1993, the company had expanded to 100 restaurants and has now become one of the largest Chinese American fast food chains in the US with over 2,000.
Cherng was listed in Forbes‘ Twenty-Five Notable Chinese-Americans and he received an honorary doctorate from California State Polytechnic University, Pomona in 2008.
Did you know: Cherng has expressed a desire to maintain the company as a closely held entity. Nevertheless, during a conversation with USA Today in 2006, he mentioned that if the company could achieve a valuation similar to Chipotle Mexican Grill, he might reassess his position. However, in a 2008 interview with The Seattle Times, he affirmed that he had no intention of taking the company public, emphasizing that they had no need for additional funds and highlighting the challenges and costs associated with managing shareholders.
Quote: “Success is not an accident. When you put yourself in the right place at the right time, then you’re likely to be more successful because of how you prepare yourself on a daily basis.” – Andrew Cherng
