Lee Iacocca is one of America's best-known business leaders, for reasons ranging from his successful rescue of Chrysler Corporation to his appearances in his firm's ads. Iacocca is justly given credit for the revival of Chrysler Corporation and indeed of the domestic auto industry as a whole. Clearly, he is a man who made sound career decisions, decisions which brought him to the Number two position at Ford Motor Company and the number one position at Chrysler Corporation.
In April, 1964, Lee lacocca, now the general manager of Ford Motor Company, became the first person to appear on the covers of both Time and Newsweek magazines the same week.
Iacocca headed the team of engineers and designers who developed the Ford Mustang. The Mustang was introduced in 1964, and it quickly became one of the most popular cars ever made. It would be the Ford Mustang that drove him to fame that year, a car that excited the public as few have ever before.
Ford had hopes of selling one hundred thousand Mustangs in its first year. Six months later they were at the four hundred and twenty thousand car mark shattering the former first year mark set by the Ford Falcon in 1960.
Iacocca went on to be President of Ford in the 1970's. Henry Ford II was trying to push Iacocca out. He thought Iacocca was always plotting against him. Eventually, after a lot of pressure, Henry Ford II just flat out fired Iacocca. This was a move he would soon learn to regret.
By the time Iacocca got the ax, Chrysler Corporation was in deep trouble and in danger of going bankrupt. Chrysler Corporation Chairman John J. Riccardo hired Iacocca. In the late 1970's the Chrysler Corporation was in very bad shape. Poor management, government...