Lee Iacocca
Executive who led Ford and Chrysler through pivotal eras.
Lido Anthony "Lee" Iacocca was an American author, engineer, and executive. At Ford Motor Company during the 1960s, he helped create the Ford Mustang, Continental Mark III, and Ford Pinto. Later, as CEO of Chrysler Corporation in the 1980s, he turned the struggling automaker around. He served as Chrysler’s president from 1978 to 1991 and as chairman and CEO from 1979 until he retired at the end of 1992. He was one of only a few executives to have led operations at two of America’s Big Three automakers. Iacocca also wrote or co-wrote several books, including *Iacocca: An Autobiography* and *Where Have All the Leaders Gone?*.
Born in Allentown, Pennsylvania, on October 15, 1924, to Italian American parents from San Marco dei Cavoti, he grew up in the Lehigh Valley’s steel region. His family ran a restaurant, though it is often confused with the separate Yocco's Hot Dogs chain founded by the Yocco family. According to his autobiography, the name “Lido” was not, as often claimed, because he was conceived during his parents’ honeymoon in Venice’s Lido district; his father had actually traveled there with his future wife’s brother before they married. Iacocca graduated with honors from Allentown High School in 1942, then earned a degree in industrial engineering from Lehigh University, where he joined Tau Beta Pi and Theta Chi fraternity. After Lehigh, he won the Wallace Memorial Fellowship and received a master’s in mechanical engineering from Princeton University in 1946.
Iacocca began at Ford in August 1946 as an engineer but soon moved to sales and marketing. As assistant sales manager in Philadelphia, he created the “56 for ’56” campaign, offering 1956 model cars with 20% down and $56 monthly payments for three years. The campaign went national, and he was called to Ford’s Dearborn headquarters, rising quickly. He became vice president and general manager of the Ford Division in November 1960, vice president of the car and truck group in January 1965, executive vice president in 1967, and president in December 1970. He helped design successful cars like the Mustang, Continental Mark III, Ford Escort, and revived the Mercury brand with models like the Cougar and Marquis. Some ideas he promoted, such as the K car and minivan, eventually appeared at Chrysler. He also convinced Henry Ford II to return to racing, leading to wins at Indianapolis, NASCAR, and Le M
- born
- October 15, 1924, Allentown, Pennsylvania
- died
- July 2, 2019
- field
- Automotive executive, engineer, author
- nationality
- American
- known_for
- Developing the Ford Mustang; reviving Chrysler as CEO; leading the 1979 Chrysler bailout
Quick Facts
- Birth Name
- Lido Anthony Iacocca
- Birth Date
- 1924-10-15
- Birth Place
- Allentown, Pennsylvania, U.S.
- Death Date
- 2019-07-02
- Death Place
- Los Angeles, California, U.S.
- Occupation
- President and CEO of the Ford Motor Company (1970–1978) · Chairman, president, and CEO of the Chrysler Corporation (1978–1992) · Acting chairman of Koo Koo Roo (1998)
- Years Active
- 1946–1992
- Education
- Lehigh University (BS) · Princeton University (MS)
- Spouse
- Mary McCleary · 1956 · 1983 · end=died · Peggy Johnson · 1986 · 1987 · end=annulled · Darrien Earle · 1991 · 1994 · end=div
- Children
- 2
Facts from the source article.
Lore & Background
Iacocca was born in Allentown, Pennsylvania, to Italian American parents. He graduated with honors from Allentown High School in 1942, earned a degree in industrial engineering from Lehigh University, and a master's in mechanical engineering from Princeton University in 1946. He joined Ford Motor Company in August 1946 as an engineer, then moved to sales and marketing, where he gained national recognition with the '56 for '56' campaign. He rose to become president of Ford on December 10, 1970, but was fired on July 13, 1978, despite a $2 billion profit that year.
Iacocca joined Chrysler in 1978 when the company was near collapse. He became chairman and CEO in 1979, securing a federal loan guarantee. He brought the K-car and minivan to market, the latter becoming a 25-year sales leader. Chrysler repaid government loans seven years early. He led Chrysler's acquisition of AMC in 1987, adding the Jeep division. Iacocca retired at the end of 1992.
Reader's Guide
Lee Iacocca's significance lies in his dual impact on two of America's Big Three automakers. At Ford, he oversaw the creation of iconic vehicles like the Mustang and the Pinto, though the latter faced later safety controversies. His marketing acumen, shown in the '56 for '56' campaign, demonstrated his ability to connect with consumers. At Chrysler, he engineered a historic corporate turnaround, securing government loan guarantees and introducing the K-car and minivan, which reshaped the automotive market. His leadership during the 1980s recession and his public persona in commercials helped restore Chrysler's reputation. Iacocca also authored books, including his autobiography. His legacy includes both celebrated successes and the challenges of the Pinto recall, reflecting the complexities of automotive leadership.
Did You Know?
- Iacocca was christened 'Lido' because he was reportedly conceived during his parents' honeymoon in the Lido district in Venice, though he denied this in his autobiography.
- He gained national recognition at Ford with the '56 for '56' campaign, offering loans on 1956 model year cars with a 20% down payment and $56 monthly payments for three years.
- Iacocca brought the 'Mini-Max' project from Ford to Chrysler, which became the highly successful Dodge Caravan and Plymouth Voyager minivan in 1983.
- He appeared in a series of commercials for Chrysler using the ad campaign 'The pride is back.'
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