Lee iacocca who is he

Lee Iacocca Fast Facts. Born Lido Anthony Iacocca in Allentown, Pennsylvania, on October 15, , to Italian immigrant parents, he would go on to lead two major American car companies. Iacocca started working at Ford Motor Company in , and was a major figure in the development of the Ford Mustang — the first vehicle of its kind.

He was named president of Ford in , but was fired by Henry Ford Jr. Read More. But then fate said to me: 'Wait. We're not finished with you. Now you're going to find out what it feels like to get kicked off Mt.

He was then hired by Chrysler Corp. He is credited with saving the company from bankruptcy. Chrysler needed the bailout to survive back to back recessions in the early s. Chrysler repaid the loans early. Treasury made money on the stock it received as part of bailout packages. With the help of more fuel efficient and competitive products such as the so-called K-cars — which included the Dodge Aries and Plymouth Reliant — Chrysler became strong and profitable again.

Iacocca led Chrysler during an era in which Asian and European imports first started to take a significant share of the US automakers' portion of the American car market.

The American consumer may remember him best from a series of Chrysler TV commercials, in which he said, "if you can find a better car, buy it. I will miss him. He was raised in Allentown, Pennsylvania, and landed a fellowship that helped him go to Princeton University. Graduating in , he immediately joined Ford and became a vice president at the age of By 36, he was an executive vice president. He was named Ford president in December , at By then, he had already accomplished a striking legacy that included the creation of the Ford Mustang.

But the company was faltering, and as its new president and CEO — and, later, chairman — Iacocca had to come up with a rescue plan — fast. It was a complex package requiring concessions from workers, suppliers, bankers, dealers and both the U. Iacocca never forgave Ford, and he described his former boss as a spendthrift and dictator.

Within weeks he accepted the presidency of Chrysler, even though its market share was shrinking and losses were deepening. In Chrysler was facing twin blows of spiking interest rates and a second oil shock that doubled the price of gasoline. When the U. He pounded on the doors in Washington, assisted by dealers and union officials who knew their brethren would be out of work if Chrysler folded. Asking for federal help was controversial, and one editorial cartoon depicted a child asking what the U.

Capitol was called. Iacocca won the loan guarantees but they required broad sacrifices, of plant closures, pay cuts for factory workers and layoffs of white-collar staff.

He put his personal reputation on the line, and in the end, it was a tour de force of leadership. Factoring in positions at Chrysler, its dealerships and suppliers, he saved more than , jobs. He paid the loans back seven years early, and in , a cartoon showed frantic executives of the troubled U.

N were in the red. With Chrysler profitable again, Iacocca stepped down at the end of