Lee Iacocca

By Tom Kirvan

Born on October 15, 1924, in Allentown, Pa., Lee Iacocca rose from the engineering ranks of Ford Motor Co. to become its president in 1970 before being assigned the challenge of rescuing Big Three rival Chrysler from the threshold of bankruptcy, a task he completed in record time as the primary developer of the minivan.

The son of Italian immigrants, Iacocca made his automotive mark at Ford with the release of the Mustang in 1964, a widely popular car that set a first-year sales record. When he left Ford for Chrysler in 1978, Iacocca continued to flourish as an auto innovator, directing the introduction of the K-Car and minivan, models that helped the struggling automaker return to profitability and to pay off a $1.5 billion government loan seven years ahead of schedule.

Sometimes brash and outspoken, Iacocca clashed with Ford Chairman Henry Ford II on the direction of the company and was let go in 1978, a firing that he likened to getting “kicked off Mt. Everest.” He became even more quotable at Chrysler after helping orchestrate its turnaround, the details of which he covered in his best-selling 1984 book “Iacocca: An Autobiography.”

Lee Iacocca*

A 1945 graduate of Lehigh University, Iacocca was appointed in 1982 by then President Ronald Reagan to chair the restoration of the Statue of Liberty and Ellis Island, twin projects that cost more than $200 million. The massive undertaking was spearheaded by Iacocca, whose parents came to the U.S. through Ellis Island in 1921.

Upon his death in July 2019 at age 94, Iacocca was remembered as an “auto icon” who popularized the use of corporate CEOs as TV commercial pitchmen. He also enjoyed a second career as a sought-after public speaker, engaging audiences around the world with his wise words on leadership and innovation.

A sampling:

“In times of great stress or adversity, it’s always best to keep busy, to plow your anger and your energy into something positive.”
“The greatest discovery of my generation is that human beings can alter their lives by altering their attitudes of mind.”
“So, what do we do? Anything. Something. So long as we just don’t sit there. If we screw it up, start over. Try something else. If we wait until we’ve satisfied all the uncertainties, it may be too late.”
“I hire people brighter than me and then I get out of their way.”
“We are continually faced by great opportunities brilliantly disguised as insoluble problems.”