Peter Buck (restaurateur)
Peter Buck | |
|---|---|
| Born | 19 December 1930 South Portland, Maine, U.S. |
| Died | 18 November 2021 (aged 90) Danbury, Connecticut, U.S. |
| Occupation(s) | Physicist, entrepreneur, philanthropist |
| Known for | Co-founder of Subway |
Peter Buck (December 19, 1930 – November 18, 2021) was an American physicist, entrepreneur, and philanthropist best known for co-founding the Subway fast-food franchise alongside Fred DeLuca.
Early life and education
Born to Ervin and Lillian Bernice "Molly" (Draper) Buck, who operated a farm in South Portland, Maine, Buck grew up alongside his younger brother David, both contributing to the family’s agricultural work. He completed his secondary education at South Portland High School in 1948. Buck went on to obtain a bachelor's degree from Bowdoin College in 1952, followed by master's and doctoral degrees in physics from Columbia University.
Career
Buck’s professional journey began in 1957 at General Electric’s Knolls Atomic Power Laboratory located in Schenectady, New York, where he performed testing and calculations related to nuclear propulsion systems for U.S. Navy vessels. In 1965, he transitioned to United Nuclear Corporation in White Plains, New York, concentrating on nuclear power plant operations; subsequently, he held a position at Nuclear Energy Services in Danbury, Connecticut.
That same year marked a pivotal moment when Buck lent $1,000 to his friend and business partner Fred DeLuca to launch a sandwich shop designed to help finance DeLuca’s college tuition. The initial establishment was called "Pete's Super Submarines," and they created the entity "Doctor's Associates" to oversee the enterprise. Despite facing financial hurdles early on, the business steadily expanded; by 1973 it operated 16 outlets across Connecticut and initiated franchising efforts in 1974. The company later rebranded as "Subway Sandwiches" and unveiled a new corporate logo.
Subway experienced rapid growth over the following decades, becoming the largest fast-food chain worldwide by 2010 with a total of 33,749 locations internationally. In 2015, Forbes ranked Buck at number 261 on its list of wealthiest Americans, estimating his net worth at $1.6 billion.
Peter and Carmen Lucia Buck Foundation
In 1999, Peter Buck and his wife Carmen founded the Peter and Carmen Lucia Buck Foundation (PCLB) to coordinate their charitable activities. The foundation’s mission centers on supporting education, journalism, healthcare, and environmental conservation while empowering driven individuals.
The Carmen Lucia Foundation was established within PCLB in 2009 to emphasize social and economic advancement in marginalized communities through initiatives involving education, preventive health services, and community development programs.
In 2023, Buck bequeathed his half ownership of Subway—valued at roughly $5 billion—to this foundation, constituting one of the most substantial single-year philanthropic gifts. The Buck family are major timberland proprietors through the Tall Timbers Trust, owning more than 1.3 million acres of forestland. Since its creation, the family has contributed over $580 million to PCLB.
Among its various contributions, the foundation has supported projects such as the Internet Archive.
Donation to Smithsonian
Buck was also a notable benefactor of the Smithsonian Institution and served as a trustee for the National Museum of Natural History. One of his distinguished gifts included the donation of the 23.10-carat Carmen Lúcia Ruby—regarded as one of the finest Burmese rubies—which significantly enhanced the museum’s gemstone collection. Jeffrey Post, curator at the museum, described it as “the most important addition to the collection in the 20 years that I’ve been here.”
Doctorate
In 2008, Bowdoin College honored Buck with an honorary Doctor of Humane Letters degree. The following year, he provided a grant that finalized the institution's capital campaign, leading to the establishment of the Peter Buck Center for Health and Fitness.
Local philanthropy
Buck contributed $30 million in 2014 to support an expansion project at Danbury Hospital.
By 2020, he was recognized as the seventh-largest landowner in the United States by total acreage, focusing his acquisitions mainly on preserving open spaces.
Personal life
In 1955, Buck married Haydee Piñero, daughter of Jesús T. Piñero, the first native governor of Puerto Rico. They had three children: Christopher, Kenneth, and Cynthia; both Kenneth and Cynthia passed away before him. The couple eventually divorced. Subsequently, Buck wed Carmen Lúcia Passagem, with whom he had a son named William. Their marriage lasted over two decades until her passing in 2003.
Buck maintained a lifelong enthusiasm for aviation, owning and flying a glider while actively supporting organizations such as the Soaring Society of America and the Valley Soaring Club.
A longtime resident of Danbury, Connecticut, Buck passed away there on November 18, 2021, at the age of 90.