Lee Iacocca
Lee Iacocca is a renowned figure in the automotive industry whose leadership within the industry has been regarded as revolutionary. Having began his career at Ford Motor Company, he went on to gain recognition at Chrysler Corporation and later, as Autonation Chairman. His career within the automotive industry spanned nearly 30 years, during which he circumvented obstacles, increased product sales and restored public trust in an declining industry. He was an innovator within the industry who, alongside team members such as Hal Sperlich, is credited with the creation of the Ford Mustang, Chrysler K-Car and Chrysler Minivan, amongst many others.
Iacocca was born as Lido Anthony Iacocca on October 15th 1924 to Nicola and Antoinette Iacocca. He grew up in Allentown, Pennsylvania and went on to attend Lehigh University, where he received a Bachelor’s degree in Industrial Engineering, and subsequently worked in research and development at Ford. Here, he gained reputation from colleagues and superiors by proposing new ways of assembling cars, whilst maintaining quality and efficiency to reduce costs.
During his 13 year stint at Ford, Iacocca was ultimately promoted to vice-president of car and truck production. During this time, he advocated for several iconic Ford models such as the Mustang, Lincoln Continental and Ford LTD. He pressed to reduce costs and push efficiency – factors which enabled him to create such successful and long-lasting cars that remain widely used today. However, his proposals met resistance from other senior team members, claiming them to be too radical or costly. Despite the animosity, Iacocca succeeded, and at the same time, gained recognition from other quarters.
In 1978, Iacocca was fired from his position of 8 years at Ford. He was immediately hired as the mass produced car industry was at a decline, and Chrysler was at the brink of bankruptcy. Iacocca immediately set to work, cutting over 22,000 jobs and battling with the US government for a loan guarantee in order to save the company. With such efforts, alongside the public trust he had built over his career, Iacocca was able to succeed where many had doubted. From his position, he pushed to re-invent the brand, leading to the creation of the K-Car, EV-1 and the Chrysler Minivan.
Iacocca’s tenure with Chrysler ended in 1992, though not before it regained its earlier profitability. Following his retirement, he went on to write and publish the autobiography, 'Iacocca: An Autobiography' (1984), where he shared experiences from his career and sought to inspire readers to become entrepreneurial and take risks. In the book, Iacocca also provided his thoughts on managing a business, leading through example and advice for dealing with difficult times.
Iacocca was not only a master in automotive production but also a pioneering figure for car dealers. When appointed as Autonation chairman in 1993, he pushed for a more efficient and customer-centric approach towards the industry. During his 6 years at the helm of Autonation, he led the company to 90% customer satisfaction ratings, reducing marketing and operational costs. In short, his approach brought credibility to the car dealership industry, setting the example of excellence that still stands today.
Lee Iacocca is seen in a positive light even today, owing to his decades of presence in the automotive industry. His credentials as an innovator, businessman and public speaker have earned him much respect and recognition. He is a textbook example of a leader who started from the bottom and defied all odds to establish a highly successful career. Even after retirement, Iacocca's career achievements continue to be an example for veneration.
