Auto industry / Business & brands
Lee Iacocca
1924–2019 · automotive executive, president of Ford, chairman of Chrysler
Salesman-engineer who launched the Ford Mustang, was fired by Henry Ford II, then saved Chrysler with federal loan guarantees, K-cars and the minivan.
- Born
Allentown, Pennsylvania- Died
Bel Air, Los Angeles, California
aged 94- Birth name
- Lido Anthony Iacocca
- Also known as
- Lido Anthony Iacocca
- Detroit years
- 1956–1992
01 / The Detroit story
The Detroit story
The son of Italian immigrants, Iacocca joined Ford as an engineer in 1946 but moved into sales, and his '56 for '56' financing campaign in Philadelphia got him called to Dearborn headquarters. He rose quickly, championed the Mustang, launched in April 1964 to huge sales, and became president of Ford in 1970. After years of clashes Henry Ford II fired him in July 1978, even though the company was profitable. Chrysler hired him that fall; with the company near collapse, he won $1.5 billion in federal loan guarantees from Congress in 1979, cut costs, won concessions from the UAW and launched the K-car and, in 1983, the minivan. Chrysler repaid the loans seven years early, and Iacocca, starring in his own TV ads, became a national celebrity and best-selling author. He retired at the end of 1992 and is buried at White Chapel cemetery in Troy.
Highlights
- Led development of the Ford Mustang (1964)
- President of Ford Motor Company, 1970–1978
- Chairman and CEO of Chrysler, 1979–1992
- Won federal loan guarantees for Chrysler in 1979; repaid early in 1983
- Launched the Dodge Caravan and Plymouth Voyager minivans (1983)
02 / Their Detroit places
Their Detroit places 3
Where they lived, worked, performed and liked to hang out. Closed and demolished places stay here too, because they are part of the city's history.
Worked here · 1956–1978
Ford World Headquarters (Glass House)
Closed · 1956–2025
Ford's headquarters during his rise to president; vacated in 2025 and slated for demolition.
Worked here · 1978–1992
Highland Park Chrysler Plant and headquarters
Demolished · 1996
Chrysler's headquarters throughout his rescue of the company; demolished after Chrysler moved to Auburn Hills.
Buried here · 2019
White Chapel Memorial Park Cemetery
He is buried in this Troy cemetery.