He had two daughters with his wife, Mary:
They operated a restaurant, Yocco's Hot Dogs. He was said to have been christened with the unusual name "Lido" because he was conceived during his parents' honeymoon in the Lido district in Venice.
However, he denied this rumor in his autobiography, saying that is romantic but not true; his father went to Lido long before his marriage and was traveling with his future wife's brother.
After graduating from Lehigh, he won the Wallace Memorial Fellowship and went to Princeton Universitywhere he took his electives in politics and plastics. He then began a career at the Ford Motor Company as an engineer.
Career at Ford[ edit ] Iacocca was instrumental in the introduction of the Ford Mustang. Iacocca joined Ford Motor Company in August After a brief stint in engineering, he asked to be moved to sales and marketing, where his career flourished.
On November 10, Iacocca was named vice-president and general manager of the Ford Division; in January Ford's vice-president, car and truck group; inexecutive vice-president; and president on December 10, He promoted other ideas which did not reach the marketplace as Ford products.
These included cars ultimately introduced by Chrysler — the K car and the minivan. Although Ford's European subsidiary was already selling such a model the Ford Escorta team of Ford designers was assigned to create the exterior and interior of an entirely new car, which would be named Pinto.
The Pinto entered production beginning with the model year. Iacocca was described as the "moving force" behind the Ford Pinto. Henry Ford II had wanted nothing to do with the Mini-Max, a restyled version of the minivan, which Toyota was selling in huge numbers in Asia and Latin America, and his opinion doomed the project at Ford.
Hal Sperlich, the driving force behind the Mini-Max at Ford, had been fired a few months before Iacocca. He had been hired by Chrysler, where the two would make automotive history. Iacocca arrived shortly after Chrysler's introduction of the subcompact Dodge Omni and Plymouth Horizon.
Bearing a strong resemblance to the Volkswagen Rabbitthe front-wheel drive Omni and Horizon became instant hits, selling overunits each in their debut year, showing what was to come for Chrysler. In order to obtain the guarantee, Chrysler was required to reduce costs and abandon some longstanding projects, such as the turbine enginewhich had been ready for consumer production in after nearly 20 years of development.
Similar to the later minivan, these compact automobiles were based on design proposals that Ford had rejected during Iacocca's and Sperlich's tenure.
Released in the middle of the major recession, the small, efficient, and inexpensive front-wheel drive cars sold rapidly.
In addition, Iacocca re-introduced the big Imperial as the company's flagship. The new model had all of the newest technologies of the time, including fully electronic fuel injection and all-digital dashboard.
Chrysler introduced the minivan, chiefly Sperlich's "baby", in late It led the automobile industry in sales for 25 years. Iacocca desperately wanted it.
Iacocca led Chrysler's acquisition of AMC inwhich brought the profitable Jeep division under the corporate umbrella. It created the short-lived Eagle divisionformed from the remnants of AMC.
The Grand Cherokee would not be released until for the model year, the same year that Iacocca retired. Throughout the s, Iacocca appeared in a series of commercials for the company's vehicles, employing the ad campaign, "The pride is back," to denote the turnaround of the corporation. He also voiced what was to become his trademark phrase: The next year, Kerkorian and Chrysler made a five-year agreement which included a gag order preventing Iacocca from speaking publicly about Chrysler.Chrysler paid back the loan that kept them afloat seven years before the due date, exactly five years to the day from when Iacocca had been fired by Ford.
He was widowed and left with two children with the death of Mary from diabetes on 5/15/ May 08, · When Chrysler Chairman John Riccardo John Riccardo brought in Lee Iacocca Lee Iacocca as president and chief operating officer in late , Iacocca, a year Ford company man, was faced with the.
Under Iacocca's leadership, Chrysler received $ billion in federal loan guarantees; at the time, it was the largest amount of government assistance that a private company had ever received.
Lee Iacocca Lee Iacocca, born Lido Iacocca on October fifteenth , was the son of an Italian immigrant named Nicola Iacocca.
Lee Iacocca Lee Iacocca, born Lido Iacocca on October fifteenth , was the son of an Italian immigrant named Nicola Iacocca. He had one sister named Antonette. The family lived in Allentown, Pennsylvania. His father was some what of an entrepreneur in the food service industry. The famil. Lee Iacocca retired from Chrysler in , at the age of 68, just before the company’s dramatic turnaround. Post retirement and Daimler-Benz While most people believed Robert Lutz was the best CEO candidate, Iacocca appointed Robert Eaton. Lee Iacocca made a name for himself by saving Chrysler Corporation from the brink of bankruptcy in the late s and built it into a powerful and profitable firm in short time. Management and manufacturing changes implemented by Iacocca resulted in a dramatic increase in .
He had one sister named Antonette. The family lived in Allentown, Pennsylvania. His father was some what of an entrepreneur in the food service industry. The famil. Lee Iacocca retired from Chrysler in , at the age of 68, just before the company’s dramatic turnaround.
Post retirement and Daimler-Benz While most people believed Robert Lutz was the best CEO candidate, Iacocca appointed Robert Eaton. Lee Iacocca Biography Lee Iacocca is a businessman famous for reviving the Chrysler Corporation from near bankruptcy.
This biography of Lee Iacocca provides detailed information about his childhood, life, achievements, works & timeline.