Subscriber Account active since. Source: Lehigh Valley Live. Iacocca graduates from Lehigh University with a degree in industrial engineering. He receives his master's degree in engineering from Princeton one year later, in

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Subscriber Account active since. Source: Lehigh Valley Live. Iacocca graduates from Lehigh University with a degree in industrial engineering. He receives his master's degree in engineering from Princeton one year later, in Source: The New York Times.

Source: The Detroit News. Source: The Washington Post. Iacocca is credited with bringing the Ford Mustang onto the market. He lands several promotions at Ford after this, and within two years of the Mustang's launch, the one-millionth example of the car rolls off the assembly line.

Source: Barron's and Automotive News Europe. Iacocca becomes the president of Ford. He introduces the Ford Mustang II three years later, in Chrysler has again been on the rocks because of failed expansions, debt, skyrocketing gas prices, falling sales, and increasing international competition. Source: NBC News.

President Jimmy Carter signs the Chrysler Corp. The money helps save the struggling automaker from bankruptcy. Iacocca also sets about cutting production costs, revamping operations, and creating a stronger advertising campaign that attracted buyers around the US. Source: Bloomberg. Iacocca's first wife, McCleary, dies from complications of diabetes. Iacocca later establishes the Iacocca Family Foundation to fund diabetes research. Iacocca retires from Chrysler and dedicates more time to his foundation.

He then marries Peggy Johnson before divorcing her a year later and marrying Darrien Earle. Source: Los Angeles Times Archives. Iacocca appears on the cover of Fortune magazine.

In an extensive interview with the publication, he declares he has "flunked retirement. Source: Fortune. Iacocca revives his career, founding EV Global Motors in Get the latest Ford stock price here.

Business Insider logo The words "Business Insider". Close icon Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification. Account icon An icon in the shape of a person's head and shoulders. It often indicates a user profile. Login Subscribe Subscribe. A leading-edge research firm focused on digital transformation. World globe An icon of the world globe, indicating different international options. Brittany Chang. Lee Iacocca, the auto-industry titan who served as CEO of Chrysler and president of Ford during a nearly year career in the business, died at his Southern California home on July 2.

Iacocca was one of the most colorful and most celebrated car-company executives. Among other things, he is credited with saving Chrysler from bankruptcy in the s. Here's a look at Iacocca's storied life and career. Visit Business Insider's homepage for more stories.


Lee Iacocca Facts

At the height of his career, Lee Iacocca, who has died aged 94, was one of the most powerful and celebrated of US business leaders and, as the son of Italian immigrants, the embodiment of all the possibilities of the great American dream. As the creator of the spectacularly successful Ford Mustang, he had his first taste of fame aged 39 when both Time magazine and Newsweek put his face — alongside the new car — on their front covers. Six years later he was made president of Ford, the motor company he had worked for since , and already had a high enough profile to feature on the list of celebrities the cult leader Charles Manson planned to kill. For Iacocca this was a personal trauma matched only by his childhood memories of the Depression and its effects on his hard-working parents, Antonietta nee Perrotta and Nicola Iacocca. By the early 80s, he was even able to pay back the huge government-guaranteed loans used to fund the restructuring of the company, seven years ahead of schedule. The family was close and loving, and Lee was a bright student. A childhood bout of rheumatic fever spared him from call-up in the aftermath of Pearl Harbor, and after graduating in engineering from Lehigh University in Bethlehem, Pennsylvania, Iacocca joined Ford in at its River Rouge plant at Dearborn, Michigan.


Lee Iacocca

Born to an immigrant family in Pennsylvania in , Iacocca was hired by Ford as an engineer in but soon switched to sales, at which he clearly excelled. In December , Henry Ford II named Iacocca president of Ford, but his brash, unorthodox style soon brought him into conflict with his boss. Suffering from a heart condition and aware that the time for his retirement was approaching, Ford made it clear that he eventually wanted to turn the company over to his son Edsel, then just In early , Iacocca was told he would report to another Ford executive, Philip Caldwell, who was named deputy chief executive officer. News of the firing shocked the industry, but it turned into a boon for Iacocca. The following year, he was hired as president of the Chrysler Corporation, which at the time was facing bankruptcy. Iacocca went to the federal government for aid, banking on his belief that the government would not let Chrysler fail for fear of weakening an already slumping economy.

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