Lee lacocca Biography – Lee lacocca Wiki
Lee lacocca was an American automobile executive best known for the development of Ford Mustang and Pinto cars, while at the Ford Motor Company in the 1960s, and then later for reviving the Chrysler Corporation as its CEO during the 1980s.
Iacocca started working at Ford Motor Company in 1946, and was a major figure in the development of the Ford Mustang. He was named president of Ford in 1970, but was fired by Henry Ford Jr. in 1978.
Iacocca wrote in his 1984 autobiography, “I began my life as the son of immigrants, and I worked my way up to the presidency of the Ford Motor Company. When I finally got there, I was on top of the world. 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. Everest!'”
He was then hired by Chrysler Corp. in 1978 and became the company’s CEO in 1979. He is credited with saving the company from bankruptcy.
Iacocca urged Congress to authorize the Treasury Department to guarantee $1.5 billion in bank loans for Chrysler. Chrysler needed the bailout to survive back to back recessions in the early 1980s. 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.
He retired from Chrysler in 1992. In 1995, Iacocca sued the company accusing it of illegally preventing him from exercising stock options. Chrysler then filed suit against him, saying he gave confidential information to Kirk Kerkorian — who tried to take over the company. Chrysler and Iacocca settled their lawsuits in 1996.
Lee lacocca Age
He was born on October 15, 1924 in Allentown, Pennsylvania, United States as Lido Anthony Iacocca to Italian immigrant parents. He died on July 2, 2019 in Los Angeles, California aged 94.
Lee lacocca Wife
Iacocca was married three times. He married his first wife Mary McCleary on September 29, 1956. They had two daughters. Mary Iacocca died from diabetes on May 15, 1983.
Iacocca’s second marriage was to Peggy Johnson. They married on April 17, 1986, but in 1987, after nineteen months, Iacocca had the marriage annulled. He married for the third time in 1991 to Darrien Earle. They were divorced three years later.
Lee lacocca Children – Lee lacocca Daughters
lacocca had two daughters from his first marriage to Mary McCleary. They are Lia Iacocca Assad and Kathryn Iacocca Hentz.
Lee lacocca Death
Iacocca died on July 2, 2019, at his home in Bel Air, at the age of 94. He is survived by two daughters and eight grandchildren.
Fiat Chrysler Automobiles said in a statement that it was saddened by the news of Iacocca’s passing. “He played a historic role in steering Chrysler through crisis and making it a true competitive force,” FCA said in a statement. “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 lacocca Cause of Death
Lee lacocca’s cause of death was complications of Parkinson’s disease.
Lee lacocca Net Worth
Lee Iacocca’s net worth is estimated to be around $100 Million.
Lee lacocca Books
Iacocca authored or co-authored several books, including Iacocca: An Autobiography (with William Novak), and Where Have All the Leaders Gone? Portfolio named Iacocca the 18th-greatest American CEO of all time.