Lee Iacocca, auto industry icon, is dead at 94
Lee Iacocca, who died at 94 years old, was one of the most powerful — and best known — executives in Detroit.
A child of Italian immigrants who grow up in humble conditions, Iacocca became one of the most powerful — and best known — executives in Detroit.After being fired in a dispute with company heir Henry Ford II, Iacocca joined the then-struggling Chrysler. Using both his business skills and ability to turn a phrase, he won federal loan guarantees that helped the automaker avoid a potential 1980 bankruptcy.
In his latter years with Chrysler, Iacocca spent an increasing share of his time doing charitable work, among other things spearheading efforts to restore both the Statue of Liberty and Ellis Island, the immigration port in New York Harbor where his own parents came into the United States. But after being nudged out by the Chrysler board, Iacocca unexpectedly teamed with billionaire Kirk Kerkorian in a failed 1995 hostile takeover attempt.
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