Andrew & Peggy Cherng
REAL TIME NET WORTH — as of 4/27/17
$3.3 B
Andrew and Peggy Cherng have made a fortune selling orange chicken, chow mein, potstickers and spring rolls to mall shoppers, airport travelers and other visitors to their nearly 2,000 Panda Express outlets. The company is now also investing in, and partnering with, smaller companies that sell everything from pizza and salad to ramen-noodles and cheesecake. The couple, who emigrated from China (Andrew) and Burma (Peggy), paid $103 million in 2015 for a 4.9% stake in Golden Eagle Retail Group, a Hong Kong-listed operator of shopping malls in China. It’s a far way from Baker University in Baldwin, Kansas where they first met. Andrew, who holds a master’s degree in applied mathematics, got into the food business with his father and opened a traditional sit-down restaurant in 1973. After his father’s death seven years later, Peggy, an engineer with stints at 3M and McDonnell Douglas, jumped on board to help expand the family business. In 1983 the pair launched their first Panda Express in the second largest mall in Los Angeles County. Today the $2.8 billion (2016 sales) chain stretches from its home base in the U.S to Canada, Mexico, Dubai and South Korea. Their daughter Andrea is chief marketing officer and oversees menu and concept innovation.
Source:
1. forbes