Co-Founder And CEO Of Subway Fred DeLuca Dies At Age 67

Fifty years ago, Fred DeLuca was an entrepreneurial Connecticut teenager who wanted to earn money for college, and didn’t actually know anything about restaurants or about sandwiches. He asked a family friend, Peter Buck to loan him $1,000, and opened up a sandwich shop called Pete’s Super Submarines. (Co-founder Buck came up with the concept.) Nine years later, the first franchise opened, and 50 years later there are more than 44,000 restaurants worldwide.

The company reported to media outlets that DeLuca died on Monday. He had reportedly been treated for leukemia since 2013, and his sister, Suzanne Greco, has been serving as company president since June during a difficult time for the business, where they’ve not only lost their spokesman to sex crime charges, but are also dealing with the consequences of concentrating on opening more and more stores.

The company declined to tell Bloomberg Business whether Greco will also take the CEO title; as they attempt a makeover and turnaround and hope to increase sales at each store instead of just opening more stores, it might be smart to bring someone in from outside.

Subway Co-Founder, CEO Fred DeLuca Dies at 67 [Bloomberg Business]
Subway: Co-founder of sandwich chain DeLuca dead at 67 [AP]