Panda Express is famous for its orange chicken.But the founders of the iconic fast-casual Asian chain also want to be known for something else: helping their workers realize the American dream.“I always believe that when you do well, you know, personally, then you can go out and take care of other people,” said Andrew Cherng, who is co-founder, co-chair and co-CEO of Panda Express along with his wife, Peggy Cherng.
“You want people to do well,” he said.“And you want to treat them well.”Cherng measures progress in part by how many of his managers make $100,000 or more annually.
He also tracks whether those managers can afford to buy homes, and he considers that a barometer of his own success.Yet over the past decade, that American dream of homeownership has slipped out of reach for millions of middle-class families.
With low housing stock across the country, mortgage rates hovering at 6.8% and home prices in some cities at record levels, there is little relief in sight.Panda Express co-CEO Peggy Cherng wants to help employees establish their careers and "mark that accomplishment by owning a home.”NBC NewsImmigrant families are also less likely to own their homes than families headed by native-born U.S.
residents, according to census data.Experts point to several factors that are likely to contribute to the disparity, including limited employment and income prospects, language barriers and inconsistent access to banks and financing.Peggy Cherng said the couple recognize elements of their own journeys in those of their employees.
“Most of our associates are first-generation immigrants,” she said.Andrew was born in China and immigrated to the U.S.
in 1966 after having grown up in Taiwan and Japan.Peggy was born in Myanmar and raised in Hong Kong.
The couple met at the University of Missouri and opened their first Panda Express in 1983 in Glendale, California.At the time, they envisioned it as a casual offshoot of Panda Inn, the full-service Chi...