Lee Iacocca - Business in United States of America

Identification: Automotive industry executive at Ford and Chrysler who rose to prominence during the 1960’s and 1970’s
Born: October 15, 1924; Allentown, Pennsylvania
Significance: Iacocca led Ford Motor Company during the pinnacle of the American auto industry during the 1960’s, and he saved Chrysler Motors from bankruptcy during the 1970’s.
Born to immigrant parents in Pennsylvania, Lee Iacocca majored in engineering at Lehigh University, then earned a graduate degree at Princeton. In 1946, he began work at Ford Motor Company. Although he started in the engineering division, he found his job tedious and got transferred to sales. During the 1960’s, he led the way in canceling the Ford Cardinal project and promoting a new type of car called the Mustang. The Mustang was an instant sensation and led to a generation of powerful sporty American cars aimed at the youth market. The youth market had previously been dominated by imports and hot rods, and the Mustang model became an icon with tremendous durability.
By the 1970’s, Iacocca found his situation at Ford precarious because of frequent clashes with Henry Ford II. In 1978, Ford convinced the corporate board to fire Iacocca. The former Ford employee took a job as head of Chrysler Motors, which was in a crisis. The once excellent engineering division had fallen into neglect. Chrysler had set up partnerships with floundering European automakers that only worsened the position of the American company. The general economic slump of the late 1970’s added to the gravity of the situation.