Lee Iacocca, charismatic U.S. auto industry executive who saved Chrysler from bankruptcy, dies at 94 by TrottReuters
- Lee Iacocca, a charismatic U.S. auto industry executive and visionary, who gave America the Ford Mustang and Chrysler minivan, and was celebrated for saving Chrysler from going out of business, died at the age of 94, the Washington Post reported.
Iacocca was a cracker-jack salesman. He encouraged his design teams to be bold, and they responded with sports cars that appealed to baby boomers in the 1960s, fuel-efficient models when gasoline prices soared in the 1970s, and the first-ever, family-oriented minivan in the 1980s that led its segment in sales for 25 years.
Iacocca was often described as a demanding and volatile boss who sometimes clashed with fellow executives. Lido Anthony “Lee” Iacocca was born in the Pennsylvania steel town of Allentown on Oct. 24, 1924. His father, Nicola, owned a hot dog stand he called The Orpheum Wiener House - a foretaste of his son’s later marketing creativity.
After joining Ford, he realized right away he was better at marketing than engineering. Ten years later, when his district had the worst sales in the country, he came up with a marketing campaign, “56 for ‘56” - buyers could get a 1956 Ford with 20% down and three years of monthly installments of $56.
It was cheap to produce and generated big profits. For years, it was Iacocca’s signature achievement. Iacocca searched for a merger partner but when no takers emerged, he turned to the government for up to $1.5 billion in loan guarantees. 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.
“People saw him in the trenches,” Liebler said. “When we needed the loan guarantees and he was pounding the halls of Congress, the dealers were with him ... he worked his head off day and night, and everyone who was involved in any way with Chrysler knew it.”
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