BUSINESS

Subway Co-Founder Fred DeLuca Dead After Fight With Leukemia

09/15/2015 01:07 EDT | Updated 09/15/2016 05:12 EDT
JONATHAN NACKSTRAND via Getty Images
Fred DeLuca, President and founder of sandwich maker Subway, smiles during an interview in a Subway restaurant at 'Solna Centrum' in Stockholm on March 10, 2011. The self-made billionaire who heads up sandwich maker Subway, now the world's largest fast food chain in terms of restaurants, never thought his operation would become bigger than McDonald's. 'It was just a way to pay my way through college,' Fred DeLuca, who started his business at age 17, told AFP at a newly opened restaurant in Stockholm on March 10. AFP PHOTO/JONATHAN NACKSTRAND (Photo credit should read JONATHAN NACKSTRAND/AFP/Getty Images)
NEW YORK — Subway co-founder Fred DeLuca died Monday evening after being diagnosed with leukemia two years ago, the company said Tuesday. He was 67.

DeLuca's death came weeks after the 50th anniversary of Subway, which has become the world's biggest restaurant chain by locations.

DeLuca decided to open a sandwich shop at the age of 17 to help pay for college after graduating high school. The idea came from a family friend, Peter Buck, who was co-founder and provided the $1,000 to start the business.

"I knew nothing about making sandwiches, nor the food industry," DeLuca later wrote in a book.

DeLuca and Buck opened their first store in Bridgeport, Connecticut, in August 1965 under the name "Pete's Super Submarines," with the priciest sub selling for 69 cents. The name was changed to the snappier "Subway" in 1968, and the pair decided to start franchising to fuel the chain's growth.

By 1988, the company had 2,000 locations. By 1990, it reached the 5,000-store mark. And by 1994, it had more than 8,000 locations.

Subway, based in Milford, Connecticut, is privately held and has given the public few glimpses into its inner workings. But in July 2013, the company announced that DeLuca had been diagnosed with leukemia. It said DeLuca was in regular contact with his management team, but on a reduced basis as he received treatment.

Earlier this summer, Subway announced that DeLuca's younger sister, Suzanne Greco, would take over as president and oversee day-to-day operations.

In his book "Start Small Finish Big: Fifteen Key Lessons to Start — and Run — Your Own Successful Business," DeLuca recalled living in public housing in the Bronx as a child. His father hadn't graduated high school, but his mother had stressed the importance of education while growing up.

After he graduated high school, DeLuca had planned on becoming a doctor. That was why he started the sub shop with Buck — to support his college education.

"It wasn't intended to support me forever," DeLuca wrote.

DeLuca is survived by his wife, son and sister, according to Subway.