"Russell is a true professional who nurtured the Pei Wei business from an embryonic concept with 2 restaurants to a strong business with 159 locations across the country and that's an amazing accomplishment," said Rick Federico, Chairman and CEO of P.F. Chang's China Bistro, Inc. "Russell is a great friend, and a brilliant team member. We will miss him. He leaves us with a strong brand and a strong business team and will help us facilitate a successful transition."

A search for Owens' replacement will begin immediately. The Elliot Group is representing the Company in identifying a strong leader with the strategic skills to build the business and to bring Pei Wei to the next level of growth and profitability.

"The new leader will be inheriting a business with solid underlying fundamentals," said Federico. "It's a fantastic opportunity to take a strong concept with great-tasting, high-quality food that is well-positioned in today's economy."

About P.F. Chang's

P.F. Chang's China Bistro, Inc. owns and operates two restaurant concepts in the Asian niche. P.F. Chang's China Bistro features a blend of high-quality, traditional Chinese cuisine and American hospitality in a sophisticated, contemporary bistro setting. Pei Wei Asian Diner offers a modest menu of freshly prepared Asian cuisine in a relaxed, warm environment offering attentive counter service and take-out flexibility.