Lee Iacocca is one of the most important and influential executives in the history of the American automobile industry. The force behind the development of Ford Motor Company’s Mustang and Pinto models, Iacocca also served as Chrysler Corporation’s President and CEO, rescuing the company from financial troubles and re-establishing its success. His philanthropy has helped millions through efforts in diabetes research and programs to feed children.
Born Lido Anthony Iacocca in Allentown, Pennsylvania, his unusual first name derives from a section of Venice, Italy beloved by his father. His family ran one of Allentown’s popular “Yocco’s Hot Dogs” restaurant, which his uncle Theodore Iacocca had started in 1922.
Iacocca graduated from Lehigh University with a degree in Industrial Engineering, and continued his higher education after receiving a fellowship that allowed him to attend the prestigious Princeton University. He pursued two seemingly diverse fields of study; plastics and politics.
Iacocca began his career as an engineer with the Ford Motor Company. He soon asked to be transferred to sales and marketing. Working out of Ford’s Philadelphia offices, he quickly caught the imagination of company executives with a sales campaign he titled “56 for 56.” It offered the new 1956 cars to buyers at a payment rate of $56 per month. Seeing the success and innovation of the young salesman, Iacocca was brought to work at the main office in Dearborn, Michigan. He attained higher and higher positions in the company, ascending to its presidency in 1970. Despite being a chief designer behind Ford’s Mustang, Pinto, and Ford Escort models and the growth of the Mercury brand of automobiles, a clash with Henry Ford II led to Iacocca’s dismissal from the company in 1978.
The Chrysler Corporation was the recipient of Iacocca’s departure from Ford. Iacocca took drastic and aggressive measures to resurrect Chrysler’s foundering business. He obtained a loan guarantee through negotiations with the United States Congress. Not all of his programs for the company’s success were popular, and Chrysler laid of thousands off employees during his first few years of leadership. Eventually, he brought Chrysler Corporation back to its status as a massively profitable company.
Co-writer of three major books, Iacocca: An Autobiography, was the best-selling hardcover book for both 1984 and 1985. Called on by President Ronald Reagan to head a foundation for the upkeep and preservation of the Statue of Liberty; Iacocca has been sought after for endorsements by Republicans and Democrats alike.
He retired from his positions as president, CEO, and chairman by the end of 1992. At age 91, Iacocca continues active concern for the environment and the health of people. He began a website where people can dialogue about the challenges of contemporary society. He became chairman of the “Nourish the Children,” program funded by Nu Skin Enterprises, in 2004. Iacocca received the S. Roger Horchow Award for “Greatest Public Service by a Private Citizen.”