Early Life
Peng Zhao was born in Beijing, China, in 1982 or 1983. He attended Peking University, earning a bachelor's degree in applied mathematics in 2001. Later, he immigrated to the United States to pursue graduate studies, obtaining a PhD in statistics from the University of California, Berkeley, in 2006. Zhao's early life was marked by a focus on mathematics, a rigorous educational system, and a fast-tracked path to university, entering specialized programs that accelerated his academic journey.
Rise to Success
Zhao's career began in 2006 when he joined Citadel Securities as a senior quantitative researcher directly from graduate school. In 2016, he became the chief scientist. On January 27, 2017, at the age of 34, Zhao was promoted to CEO. Under his leadership, Citadel Securities has expanded its market-making operations, resulting in substantial revenue growth.
Key Business Strategies
As CEO, Zhao has focused on data-driven modeling and technological innovation. He has integrated artificial intelligence and machine learning into trading models to improve operational productivity. His leadership emphasizes a meritocratic culture, prioritizing intellectual capability and technical expertise in hiring and promotion. Citadel Securities has expanded its global reach with Zhao's leadership, delivering equity and fixed-income products to over 1,600 clients in 50 countries.
Philanthropy
Zhao and his wife support various philanthropic initiatives, including a donation of one million surgical masks to first responders during the coronavirus pandemic. They also support Kartemquin Films through the Zhao-Chen AAPI Voices Fund and fund the Victor Wong Fellowship, training aspiring comedians from the AAPI community. Zhao is a founding board member of The Asian American Foundation, an anti-discrimination group.