Lee Iacocca

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Biography of Lee Iacocca

Lee Iacocca was a leader and now a historian of leadership qualities. Iacocca was born on October 15, 1924, at Allentown, PA, as the second child to Nicola and Antionette Iacocca. His birth name was Lido Anthony Iacocca, but he later known as “Lee." His father became known in Allentown as a hard-driving businessperson, opening restaurant and rental car company, among other interest. Iacocca worked and went to school, graduating in 1945 from Leigh University. In 1946, he earned a master’s degree in engineering from Princeton University.
In that same year, Iacocca went to work at Ford Motor Company as a training engineer. After nine months, he decided engineering was not for him. He felt that being a salesperson at Ford would better suit him. This started his climbing to the top at Ford. At age thirty-six he was the general manager of the biggest division in the second largest automobile company. Iacocca organized the Fairlane Committee that consisted of young engineers and himself. He soon became known as “The father of the Mustang.” The Fairlane Committee and Iacocca made the 1964 ½ Mustang.
After the creation of the Mustang, he worked his way through the company, becoming the general manager of Ford division and vice president of the company in 1960. Iacocca became president in 1970, but his relationship with Henry Ford cost his job in 1978.
Soon after termination he secured a job as president of the struggling Chrysler, which at that time manufactured gas-guzzling vehicles during rising gas prices. The company faced bankruptcy, but Iacocca would not give up. He approached the U.S. Congress for financial assistance. Congress agreed to $1.5 billion in loan guarantees if Chrysler could raise another $2 billion in capital. It did, and the 1981 fiscal year showed a small profit. In 1984, Chrysler generated $2.4 billion in profits after reforming its vehicles and entire company. I...