Fred DeLuca, Subway co-founder, is diagnosed with leukemia

He will continue working but on a reduced basis

NEW YORK (AP) -- Subway says its co-founder and President Fred DeLuca has been diagnosed with leukemia.

The privately held sandwich chain said in a statement that the 65-year-old DeLuca is being treated and "doing well." 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 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.

Subway has more than 39,000 locations worldwide. It is based in Milford, Conn.

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