Lee Iacocca was a key figure in the success of two automotive giants. He was born on October 15, 1924, grew up in Allentown, Pennsylvania. He was influenced by his father, who loved automobiles, and was interested in the new direction that the automobile industry was beginning to take. Iacocca’s father had purchased one of the first Model T Fords in his neighborhood and was one of the first individuals who knew how to drive.
Iacocca also learned the values of hard work and dedication during his childhood. His family lost everything in the Great Depression; an experience that Iacocca said he’d never forget. Iacocca completed his primary education and later graduated from Lehigh University in three years. He then earned a master’s degree in engineering at Princeton and joined Ford as a student engineer in 1946.
While the first chapter in Iacocca’s career with Ford Motor Company was in engineering, he quickly moved into marketing. Iacocca once said, “I learned to figure people out pretty quickly”. In his autobiography, “Iacocca,” the auto executive said he inherited his promotional instinct from his father.
In 1949, Iacocca became a zone manager in Wilkes-Barre Pennsylvania. By 1953, Lee Iacocca, had become assistant sales manager of the Philadelphia district. In launched the “56 for $56 campaign” to improve Ford’s flat Ford sales. This moved his district from last in sales to number one.
In 1960, Lee Iacocca learned he would be name head of the Ford Division at Ford Motor Company, the youngest man ever to head Ford’s flagship division. Lee Iacocca once said, “My years as general manager of the Ford Division was the happiest period of my life”.
Iacocca’s talent for anticipating the public’s needs and desires led to the development of the Ford Mustang. He targeted the launch to coincide with the New York world’s Fair schedule. On March 9, 1964, the first Mustang models rolled off the assembly line. By April 17, Ford dealerships across the nation mobbed by customers. This was a huge win for Iacocca.
Iacocca’s career continued to advance at Ford. In 1969, he was named President by Henry Ford II. Together, these two navigated the tumultuous Arab oil embargo, regulatory pitfalls and other events of the 1970s. They also built a large and profitable European subsidiary. However, Iacocca’s automotive journey at Ford was cut short when Company Chairman Henry Ford fired him in 1978.
Iacocca continued his automotive legacy when he accepted the challenge of saving the Chrysler Corporation from imminent bankruptcy in 1978. Convincing the federal government that Chrysler had a future, he obtained government-guaranteed loans and engineered a spectacular turnaround. It was Iacocca’s hard work and dedication that saved the company and introducing great products, including, the K car the new Dodge Aries and Plymouth Reliant and most importantly the Chrysler minivan.
Some automotive historians have said that Lee Iacocca was an automotive genius and that he also demonstrated great automotive marketing skills and leadership. He didn’t stop there. In his retirement, Iacocca achieved celebrity status throughout the world, became a best-selling author and successfully raised funds to renovate the Statue of Liberty. He also co-authored three books and focused his efforts on philanthropy, specifically finding a cure for Diabetes.
Lee Iacocca, passed away on July 2, 2019.