Lee Iacocc An American Businessman Known For Engineering The Ford Motor Company

2206 Words Apr 8th, 2015 9 Pages
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Lee Iacocca is an American businessman known for engineering the Ford Mustang and Ford Pinto cars. He was born on October 15, 1924 in Allentown, Pennsylvania, United States.He was a President and CEO of Chrysler from 1978 and also a chairman from 1979, until the end of 1992.He graduated from Allentown high School in 1942, and Lehigh University in neighboring Bethlehem, Pennsylvania, with a degree in industrial engineering. He also took his electives in politics and plastics from Princeton University.

Iacocca began a career at the Ford Motor Company as an engineer. Iacocca joined Ford Motor Company in August 1946. Iacocca served as president of Ford between 1970 and 1978, cutting costs, streamlining operations, and forcing managers to turn unprofitable divisions. The limelight he got because of his success brought him into conflict with Henry Ford II, the chairman and grandson of company’s founder. He was then fired by Ford in 1978 and the reasons were never released. After five months of his firing he was named president of Chrysler. He became chairman of its board of directors in 1979 and CEO in 1980. Chrysler was in loss of $160 million after he joined Chrysler. He then found that there was a leak in the security and to recover from the loss he got a loan guarantee from United States Congress. He reduced the cost and abandoned some of his outstanding projects such as turbine engine which was ready for production.

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