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Subway Co-Founder Fred DeLuca, Bridgeport Native, Dies At 67

On the annual list of the world's richest people from Forbes, Fred DeLuca was ranked No. 737 with a net worth of $3.5 billion in 2015.
On the annual list of the world's richest people from Forbes, Fred DeLuca was ranked No. 737 with a net worth of $3.5 billion in 2015. Photo Credit: Wikimedia

BRIDGEPORT, Conn. — The co-founder and CEO of Subway, Fred DeLuca, who grew up in Bridgeport, died at the age of 67 on Monday, the company confirmed Tuesday to CNBC.

DeLuca had been battling leukemia since 2013.

On the annual list of the world's richest people from Forbes, DeLuca was ranked No. 737 with a net worth of $3.5 billion.

He was born in Brooklyn, N.Y., in 1947 moved with his family to Bridgeport as a teenager. DeLuca is a 1965 graduate of Central High School.

In 1965, 17-year-old DeLuca borrowed $1,000 from family friend Peter Buck to begin a “fast-food venture that provided a healthier, less fattening bill of fare".

Started as Pete's Submarines, it became Pete's Subway in 1968 was shortened to Subway as it is known today.

As of June 2013, the company counted over 39,500 franchised locations worldwide and produced $9.05 billion in sales every year. 

DeLuca had homes in Milford and Fort Lauderdale, Fla.

In 2002, DeLuca received an honorary Doctor of Humane Letters from his alma mater, the University of Bridgeport.

Read the full story here at the CNBC website.

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