Iacocca, Lee (Lido Anthony Iacocca) (ī'əkō`kə), 1924–, American business executive, b. Allentown, Pa. In 1946 he joined the Ford Motor Company, where he rose to president (1970–78). He left the company after a dispute with Henry Ford II and became president (1978) and then chairman (1979) of the Chrysler Corp., restoring it through shrewd financial policies, a $1.2 billion loan guarantee, and tax concessions granted by Congress. In the 1980s, he also served as chairman of the Statue of Liberty–Ellis Island Foundation and engineered Chrysler's $1.5 billion acquisition of American Motors. Iacocca retired at the end of 1992, but in 1995 he aided billionaire Kirk Kerkorian in his unsuccessful attempt to win control of Chrysler.

Bibliography

See his autobiography, written with W. Novak (1984); P. Wyden, The Unknown Iacocca (1987); D. P. Levin, Behind the Wheel at Chrysler (1995).

Iacocca, Lee

orig. Lido Anthony Iacocca

Iacocca, 1983

(credit: UPI/Bettmann)

(born Oct. 15, 1924, Allentown, Pa., U.S.) U.S. automobile executive. He was hired as an engineer by Ford Motor Co. but soon moved to its sales department and was noted for his successful promotion of the sporty yet inexpensive Mustang. He rose rapidly, becoming president of Ford in 1970. His brash manner led to his dismissal by Henry Ford II in 1978. A year later he was hired by the nearly bankrupt Chrysler Corp. He persuaded Congress to lend Chrysler $1.5 billion in 1980 and carried out layoffs, wage cuts, and plant closings to make the company more efficient. He also shifted the company's emphasis to more fuel-efficient cars and embarked on an aggressive advertising campaign. Within a few years Chrysler was showing record profits, and Iacocca was a national celebrity with a best-selling autobiography, Iacocca (1984). He retired in 1992.

Iacocca, (Lido Anthony) Lee (1924– ) automobile executive; born in Allentown, Pa. He had a long career at Ford Motor Co. (1946–78), where he introduced the best-selling Mustang. Fired from Ford's presidency (1970–78), he became president, CEO, and chairman of the failing Chrysler Corporation (1978–92), which through layoffs, cutbacks, hard-selling advertising (including his personal "pitches"), and a government loan guarantee he restored to profitability. He became the national model of a "can-do" executive; his autobiography, Iacocca (1984), was a best-seller.