IacoccaUS car industry legend Lee Iacocca, who played a significant role in the development of the Ford Mustang, has died aged 94. Lee helped rescued Chrysler from the brink of bankruptcy in the1980s and celebrated for his role in the car survival. He also led two US car manufacturers.
He also served as the president of Ford Motor Company from 1970 to 1978, before taking up a role as the head of Chrysler in 1979. The motor industry icon passed away on Tuesday from natural causes and is survived by two daughters and eight grandchildren.
According to a CNN news report, Lee famously starred in Chrysler TV adverts and became known for his catchphrase.
‘if you can find a better car, buy it ‘ When he was the head of Chrysler, he won a place in business history by cutting his salary to a dollar a year and securing $1 2billion (£952million) in federally guaranteed loans and persuading suppliers, dealers and union workers to make sacrifices.
Lee Iacocca was born in Pennsylvania to Italian immigrant parents in 1924, joining Ford as an engineer after finishing university. The car boss made the covers of Time, Newsweek and the New York Times Sunday Magazine in stories portraying him as the avatar of the American Auto Age One of the first celebrity U.S.
His autobiography made best-seller lists in the mid-1980s Iacocca was often described as a demanding and volatile boss who sometimes clashed with fellow executives. “He could get mad as hell at you, and once it was done, he let it go. He wouldn’t stay mad,” said Bud Liebler, vice president of communications at Chrysler during the 1980s, and 1990s “He liked to bring an issue to its head, get it resolved. You always knew where you stood with him”.