Subway Co-Founder Peter Buck Dies Aged 90
Peter Buck, the billionaire co-founder of Subway, has died at the age of 90.
Buck, whose initial $1,000 investment in a humble sandwich shop saw the birth of one of the largest restaurant chains in the world, passed away in hospital in Danbury, Connecticut, on November 18, the company said in a statement. His cause of death hasn’t been confirmed.
‘Our co-founder, Dr. Peter Buck has passed. He was 90. A kind-hearted physicist and philanthropist, Dr. Buck made a lasting impact, leaving behind a spirit of hard work and dedication across nearly 40,000 locations. His legacy continues through Subway, a brand he worked hard to build,’ Subway wrote on its Twitter account.
Buck was 17 years old when family friend Fred DeLuca asked Buck for some advice on how to make money to pay for college. In 1965, he helped him open Pete’s Super Submarines in Bridgeport, with the most expensive sandwich on the menu costing 69 cents.
Three years later, it was transformed into Subway, and the pair soon turned it into a chain by franchising. While they didn’t make a profit for 15 years, Subway now has more than 40,000 locations worldwide, rivalling McDonald’s and Starbucks.
DeLuca passed away in 2015 at the age of 67. Prior to his death, Forbes estimated Buck’s net worth at $1.7 billion. ‘Well, I always thought we’d get bigger and bigger, but I really didn’t have a certain number in mind,’ he earlier told The Wall Street Journal.
‘We are deeply saddened by the passing of one of Subway’s founders, Dr. Peter Buck. He was a shining example of a dedicated, hands-on leader, and an integral member of the Subway family,’ John Chidsey, CEO of Subway, also said in a statement, as per CNN.
Before helping to build Subway, Buck worked as a physicist on atomic power plants for US Navy submarines and ships. He later found his home in Danbury, working for Nuclear Energy Services. He also made a number of significant donations with his wealth, including a 23-carat ruby to the Smithsonian Institution. It was named after his late second wife, Carmen Lucia Buck.
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