Subway's Late Cofounder Will Give Half the Company to a Charity Where His 2 Sons Work, Amid Reports the Chain is Considering a Sale - Business Insider
Half of Subway, reportedly for sale, will soon be owned by a charity thanks to a gift from the chain's late cofounder Peter Buck.
- Subway's last surviving founder, Peter Buck, died in 2021.
- In 1965, Buck invested $1,000 to help Fred DeLuca start Subway, which grew into a fast-food empire.
- On Tuesday, Buck's private foundation said it was receiving Buck's 50% stake in Subway.
Half of Subway, reportedly for sale, will soon be owned by a charity thanks to a gift from the chain's late cofounder Peter Buck.
Buck, who died last year, left his 50% stake in the chain to the Peter and Carmen Lucia Buck Foundation, according to a Tuesday announcement by the charity. Buck, a nuclear physicist turned entrepreneur, founded the organization in 1999.
"This gift will allow the foundation to greatly expand its philanthropic endeavors and impact many more lives, especially our work to create educational opportunities for all students, work Dr. Buck cared so deeply about," Carrie Schindele, executive director of the foundation, said in a statement.
According to Forbes, Buck's two sons, Christopher and William Buck, and Ben Benoit, the foundation's chief financial officer, are the executors of Buck's estate. The publication obtained a copy of Buck's will. Forbes said that the two sons also serve on the foundation's board of directors.
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