July 17, 2013 at 12:10 PM ET
The sandwich chain Subway said on Wednesday its co-founder and President Fred DeLuca has been diagnosed with leukemia.
The 65-year-old DeLuca is being treated and "doing well." the privately-held company said in a statement.
It said its senior management team is managing the day-to-day operations and that DeLuca continues to hold his title.
"Fred is communicating with his management team regularly, although in a reduced capacity while he focuses on his health," the Milford, Connecticut-based company said.
It said the management is overseeing operations much in the same way it has for the past 22 years while DeLuca has lived in Florida. DeLuca is communicating regularly with the company, but on a reduced basis, the company said.
According to Subway's web site, DeLuca had wanted to study medicine and a family friend suggested he open a submarine sandwich shop to pay for his education.
With a loan of $1,000, the friend—Dr. Peter Buck—offered to become Fred’s partner, and a business relationship was forged. The first store was opened in Bridgeport, Connecticut in August, 1965. Subway now has more than 39,000 locations worldwide.
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