Lee Iacocca, 'father' of Ford Mustang who helped save Chrysler from bankruptcy, dead at 94: reports
Remembering Lee Iacocca
Lee Iacocca, the father of the Ford Mustang and former chairman of Chrysler, has died of natural causes at his home in Bel Air, Calif., his family said Tuesday. He was 94. Iacocca, born in Allentown, Pa., on Oct. 15, 1924 as the child of Italian immigrants, started working at Ford Motor Co. in 1946 and is heralded as the leader of the team that created the first Mustang in 1964. He ascended to CEO of the company in 1970 but was fired by Henry Ford Jr. in 1978. He moved on to Chrysler Corp. in 1978 and became the CEO a year later, pulling the company out of bankruptcy after taking it over. Iacocca successfully persuaded the federal government to provide the company a $1.2 billion loan in 1979 and made major cuts to the workforce, slashing wages -- including his own, which he shrunk to $1 a year -- and closing plants. He also introduced fuel-efficient cars and the minivan. His efforts were successful and Chrysler made a comeback, profiting $20 million. The turnaround made Iacocca a media star. Later, he was a key figure in the restoration of the Statue of Liberty and creation of the Ellis Island museum.
Lee Iacocca, the father of the Ford Mustang and former chairman of Chrysler, has died of natural causes at his home in Bel Air, Calif., his family said Tuesday. He was 94. Iacocca, born in Allentown, Pa., on Oct. 15, 1924 as the child of Italian immigrants, started working at Ford Motor Co. in 1946 and is heralded as the leader of the team that created the first Mustang in 1964. He ascended to CEO of the company in 1970 but was fired by Henry Ford Jr. in 1978. He moved on to Chrysler Corp. in 1978 and became the CEO a year later, pulling the company out of bankruptcy after taking it over. Iacocca successfully persuaded the federal government to provide the company a $1.2 billion loan in 1979 and made major cuts to the workforce, slashing wages -- including his own, which he shrunk to $1 a year -- and closing plants. He also introduced fuel-efficient cars and the minivan. His efforts were successful and Chrysler made a comeback, profiting $20 million. The turnaround made Iacocca a media star. Later, he was a key figure in the restoration of the Statue of Liberty and creation of the Ellis Island museum.
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