Early Life
The Chao family's story begins with Ting Tsung (T.T.) Chao and his wife, Wei Fong, who moved from China to Taiwan in the 1940s. T.T. Chao pioneered ventures in the petrochemical industry. Albert Chao, along with his siblings, inherited and expanded upon this legacy.
Rise to Success
In 1986, T.T. Chao founded Westlake Chemical Corporation in Houston. Albert Chao, along with his brother James, played a key role in the company's growth. Westlake has expanded through acquisitions and construction, becoming a major player in North America's low-density polyethylene production.
Key Business Strategies
Westlake's strategy has focused on consistent growth, strategic acquisitions, and expansion of existing facilities. The company has diversified its operations, ensuring a strong market position. Albert Chao's leadership has been pivotal in these strategies.
Philanthropy
The Chao family is actively involved in philanthropy through the Ting Tsung and Wei Fong Chao Foundation. Their contributions support education and research, notably the Chao Center for Asian Studies at Rice University and the Chao Center for BRAIN at Houston Methodist Research Institute. The foundation's annual giving was approximately $26.7 million in 2023.