Lido Anthony Iacocca was born in 1924, in Allentown, Pennsylvania to immigrant entrepreneur Nicola, and his wife, Antoinette. He revered his father who built a number of local businesses, including “the Orpheum Weiner House,” and “U-Drive-It,” one of America’s first rental car agencies. It featured mostly Fords, and inspired Lee to become a Ford executive.
Lee graduated from Lehigh University in just three years, with an “A” average. A fast-tracker from the start, he was hired by Ford as an executive trainee, but took an immediate leave of absence to obtain his master’s degree at Princeton.
He held a number of sales and marketing jobs at which he distinguished himself with good ideas like “56 for ‘56.” It meant that with very little down, you could finance a new 1956 Ford for $56 per month. Sales skyrocketed.
Lee’s keen market sense had developed in 15 years. As the Thunderbird gained weight, Lee saw a need for a new “small” car. His idea was to build a simple car, with a long hood, and a short deck. Lower the roofline, and offer an endless list of options, allowing the buyer to customized his purchase. It was to be billed as “the car that is designed by you!” The car was the Ford Mustang, and its introduction was the most successful in automotive history.
By 1973, his Mustang was over a foot longer, and 575 pounds heavier. The 1974 “Mustang II” was entirely new, and Detroit’s first successful attempt at downsizing a hit.
His 32 years at Ford ended in 1978 when he was fired by Henry II. The undaunted Iacocca then accepted the job of Chairman at the financially-doomed Chrysler. As a means to an end, he painstakingly lobbied for an unprecedented $1.2 billion load from the U.S. Government, which Chrysler proudly repaid with interest (also an industry first) in record time.
Chrysler spelled recovery with a “K.” Lee’s carefully marketed and highly successful K-cars were just what his accountants had prayed for. And by defining a new market with their minivan, they were back in business.
At the height of the troubles at Chrysler, Lee began organizing efforts to restore the Statue of Liberty, and Ellis Island, both symbols of opportunity that America had offered his parents. After the dust settled, Lee Iacocca wrote his autobiography, and donated all profits to diabetes research in memory of his wife, Mary.
He even considered running for President. But before leaving Chrysler in 1992, e made this observation: He had worn many hats and carried as many titles, but his name would always be an acronym for “I Am Chairman Of Chrysler Corporation of America.”
By Adam Icenogle
LEE IACOCCA