Automotive Icon Lee Iacocca, Who Saved Chrysler, Dead at 94
Product-wise, the K-car may be the most important car in Chrysler history. The Dodge Aries and Plymouth Reliant were fed to the masses in great enough numbers to keep Chrysler from teetering into bankruptcy. The man who orchestrated the skirting with financial ruin, Lido Anthony (Lee) Iacocca, has died at the age of 94. Iacocca, […]
The post Automotive Icon Lee Iacocca, Who Saved Chrysler, Dead at 94 appeared first on MotorTrend.
Product-wise, the K-car may be the most important car in Chrysler history. The Dodge Aries and Plymouth Reliant were fed to the masses in great enough numbers to keep Chrysler from teetering into bankruptcy. The man who orchestrated the skirting with financial ruin, Lido Anthony (Lee) Iacocca, has died at the age of 94.
Iacocca, the engineer who became the ultimate car salesman, oversaw many historic and iconic vehicles over a lengthy career in the automotive industry. But he will be most remembered for keeping K-car sales going until Chrysler introduced the first minivan in 1983, which pulled the company back into solvency. Both the minivan and Chrysler—in the form of FCA—are still around and employing tens of thousands today, thanks in large part to Iacocca.
He is also the man who launched the Mustang for Ford where he quickly rose up the ranks, becoming a vice president at the age of 36. Iacocca continued to excel, becoming president in 1970, and then he was famously fired in 1978 by Henry Ford II when the two strong Detroit men of iron clashed one too many times.
Iacocca landed on his feet, though. He joined Chrysler and was quickly promoted to CEO and chairman. He found himself in front of Congress in 1980 seeking the federal loan guarantees the automaker needed to stay in business with an austerity plan that required slashing jobs and costs and reducing his own salary to $1. The loan was paid back in 1983, and the whole chapter was touted as one of the biggest saves in corporate history.
His was a well-known face, not just in Detroit, but across the country, where he appeared in TV commercials promoting Chrysler products. His well-known tagline: “If you can find a better car, buy it.”
Iacocca was a dealmaker, forming numerous alliances and partnerships, but none was bigger than the 1987 announcement that Chrysler was buying American Motors Corp. from Renault, a savvy move that gave the U.S. automaker the Jeep brand.
The cigar-smoking son of Italian immigrants was a force to be reckoned with and one of the best-known auto execs in the world. His autobiography was an international best-seller because everyone wanted to know what made him tick.
FCA issued a statement expressing sadness at the news of Iacocca’s passing. “He played a historic role in steering Chrysler through crisis and making it a true competitive force. He was one of the great leaders of our company and the auto industry as a whole. He also played a profound and tireless role on the national stage as a business statesman and philanthropist. Lee gave us a mindset that still drives us today—one that is characterized by hard work, dedication, and grit. His legacy is the resiliency and unshakeable faith in the future that live on in the men and women of FCA who strive every day to live up to the high standards he set.”
Ford executive chairman Bill Ford said Iacocca was “truly bigger than life, and he left an indelible mark on Ford, the auto industry, and our country. Lee played a central role in the creation of the Mustang. On a personal note, I will always appreciate how encouraging he was to me at the beginning of my career. He was one of a kind and will be dearly missed.”
As his career with Chrysler wound down, Iacocca focused on charitable work and led the drive to restore the Statue of Liberty and Ellis Island where his parents first set foot in the U.S.
Iacocca was nudged into retirement and years later attempted a hostile takeover of the company with billionaire Kirk Kerkorian. It failed. In retirement, Iacocca was involved in a number of business ventures inside and outside the auto industry.
Iacocca died July 2 at his home in Los Angeles after struggling with Parkinson’s disease. He is survived by two daughters.
The post Automotive Icon Lee Iacocca, Who Saved Chrysler, Dead at 94 appeared first on MotorTrend.