P.F. Chang's Inc.

Who owns P.F. Chang's?
Private equity firms TriArtisan Capital Advisors and Paulson & Co., which acquired the company in March 2019 for about $700 million.

Is P.F. Chang's publicly traded?
No. It was public on NASDAQ until 2012 but has been privately held since.

Who is the CEO?
Jim Mazany, appointed November 11, 2025, previously CEO of SPB Hospitality and an executive at Joe's Crab Shack and TGI Fridays.

How many locations does P.F. Chang's have?
More than 300 in over 20 countries, about 200 in the United States.

What is P.F. Chang's revenue?
Approximately $1 billion annually, with average unit volumes near $4.2 million.

Does P.F. Chang's still own Pei Wei?
No. Pei Wei separated in 2017 and is now owned by Lorne Goldberg's PWD Acquisition.

Paul Fleming, co-founder of the Ruth's Chris Steak House chain, and chef Philip Chiang, whose Beverly Hills restaurant Mandarin influenced the menu, opened the first P.F. Chang's China Bistro in Scottsdale in July 1993. The concept combined scratch Chinese-American cooking with a polished casual dining room and proved an immediate draw.

The company expanded nationally and went public on NASDAQ in 1998. It launched fast-casual offshoot Pei Wei Asian Diner in 2000, which later spun off into a separate company.

Centerbridge Partners took the company private in 2012 for about $1.1 billion, driving international franchise expansion. In March 2019, TriArtisan Capital Partners and Paulson & Co. acquired P.F. Chang's for approximately $700 million.

Under the new owners, the company launched P.F. Chang's To Go in 2020, pushed into India through a franchise agreement, and expanded the retail product line. Leadership churn followed: Damola Adamolekun departed for Red Lobster in August 2023, succeeded briefly by Rohit Manocha, Eduardo Luz, and Brad Hill before Jim Mazany, formerly of Joe's Crab Shack and SPB Hospitality, took the role on November 11, 2025.

Mazany's early tenure focused on guest experience fundamentals and the Chang's small-format rollout. By mid-2026 he reported positive year-to-date sales and traffic, including a record Valentine's Day.

P.F. Chang's disclosed a payment card breach in 2014 affecting 33 US restaurants, which it handled with the US Secret Service and customer identity protection.

The company's revolving CEO door between 2023 and 2025, four leaders in about two years, drew trade press criticism of private equity stewardship, as did negative sales trends during the same period.