Lee Iacocca Biography

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Lee Iacocca was born October 12, 1924 in Allentown , Pennsylvania . He became an American industrialist and is one of the most well known businessman worldwide. Iacocca is the former chairman of Chrysler Corporation and he also became a passionate advocate of U.S. business exports during the 1980s.

After graduating from Leigh University with an industrial engineering degree he was hired by Ford Motor Company and began his career as an engineer. Unhappy as an engineer he changed over to the sales force at Ford and quickly moved up the ladder to product development.

While in product development Iacocca successfully developed many automobiles at Ford, including the Ford Mustang. Ultimately, he became the president of Ford Motor Company but his shaky relationship with Henry Ford II forced him out of the company.

Iacocca was not without a job long as the Chrysler Corporation was in desperate need and going out of business. However, Iacocca rebuilt Chrysler from the ground up, laid off many employees, and sold the plant in Europe . Despite these moves the company was still in dire straights, so Iacocca made an amazing move by asking Congress for a loan. To the surprise to all, he received it.

After receiving the loan, Chrysler released the Dodge Aires and Plymouth Reliant automobiles, which were inexpensive and great on fuel economy since the United States was just coming out of an oil shortage. Then Chrysler came out with the minivan, which till this day is still the leader in minivan sales. Iacocca was also responsible for the acquisition of AMC in 1987, which brought over the money making Jeep division. He eventually stepped down from Chrysler in 1992 and currently works with a company designing electric bikes.