In 1960, at age thirty-six, he sped into the vice Under his leadership, the organization was able to raise nearly twice the $230 million budget it required for the restoration of the two monuments that serve as lasting symbols of the American immigrant experience. BORN October 15, 1924 DIED July 2, 2019 AGE 94 Obituaries Lee Iacocca was the iconic automaker who helped create Ford models including the Escort and Mustang. He was an actor, known for The CBS Morning News (1963), Reagan (2011) and CBS Reports (1959). - Lee Iacocca. as Kerkorian's consultant. By 1981 Chrysler showed a small profit, and three years later it announced record profits of more than $2.4 billion. Members of his family operated a restaurant, Yocco's Hot Dogs, which continues to operate four store locations in Allentown and its suburbs. Along with his extensive work with the Iacocca Foundation, his later years were marked by the management of two of his own businesses: Villa Iacocca, a wine and olive oil import company that he founded in 1986, and Olivio Premium Products, a sister company that creates healthier, olive-oil based replacements for butter that he founded in 1993 with his son-in-law. A letter from Jennifer Cunningham, assistant vice president for alumni relations. On November 10, 1960, Iacocca was named vice-president and general manager of the Ford Division; in January 1965 Ford's vice-president, car and truck group; in 1967, executive vice-president; and president on December 10, 1970. In addition to writing about his life and reflecting on the impact of his career on his family and on the workers at the companies he led, he devoted the last four chapters to his thoughts on issues of the time, which remain relevant today. He then shifted the companys emphasis to fuel-efficient models and undertook an aggressive advertising campaign that included personal appearances on television commercials. In 1985, Iacocca received the S. Roger Horchow Award for Greatest Public Service by a Private Citizen, an award given out annually by Jefferson Awards.[50]. It's free to sign up and bid on jobs. With the K-Cars and minivans, and reforms that Iacocca implemented, the company turned around quickly and repaid the government-backed loans 7 years earlier than expected. Moving on to Lee Iacocca's love and private life, he married three times in his life. Business icon Lee Iacocca speaks after he receives honors at the Ellis Island Family Heritage Awards at the Ellis Island Immigration Museum at the Great Hall on Ellis Island April 13, 2011, in New . successes. Throughout the 1980s, Iacocca, with the help of his longtime friend and advertisement executive, Leo-Arthur Kelmenson, appeared in a series of commercials developed by Kenyon & Eckhardt for the company's vehicles, employing the ad campaign, "The pride is back," to denote the turnaround of the corporation. The losses occurred after the bankruptcy court approved the sale of Chrysler to Chrysler Group LLC, with ownership of the new company by the United Auto Workers, the Italian carmaker Fiat and the governments of the United States and Canada.[21]. My thoughts are with his sister Delma, and his daughters, Lia and Kate. In July 2005, Iacocca returned to the airwaves as Chrysler's pitchman,[1] along with celebrities such as Jason Alexander and Snoop Dogg, to promote Chrysler's "Employee Pricing Plus" program; the ads reprise the "If you can find a better car, buy it" line, Iacocca's trademark of the 1980s. [54] In his later years, he enjoyed. federal loan guarantees; by selling off profitable units such as the important unit, Ford Division. According to the Iacocca Family Foundations website, Kathryn (whose married name is Hentz), is the current President of the foundation; her father was Chairman of the Board. Within a few years Chrysler was showing record profits, and Iacocca was a national celebrity. In his later years, he enjoyed spending time with his two daughters, Kathryn and Lia, from his first marriage and his grandchildren. Kathryn Iacocca who is now married and goes by Kathryn Hentz -is the current president of the Iacocca Family Foundation. In 2000, Iacocca founded Olivio Premium Products, which manufactures the Olivio line of food products made from olive oil. Prior to her death Mary had become an advocate for diabetes patients. Adding to her list of accomplishments, she is also a founding member of the residential development company Kacoon Development Inc. Lia & Kathryn Iacocca, Lees Children: The Automobile Executive Had 2 Daughters, Copyright 2023 Heavy, Inc. All rights reserved. Lee had two daughters, Kathryn and Lia Iacocca, both born from his first marriage to Mary McCleary. To avoid system errors, if Chrome is your preferred browser, please update to the latest version of Chrome (81 or higher) or use an alternative browser. Brandt recalls Iacocca as a good friend and mentor during his time at the Iacocca Institute, who shared his vision for the Iacocca Institute at Lehigh and the Global Village program when Brandt visited him at Iacoccas home in California. Lee is well known for saving Chrysler Corp. in the early 1980s thus becoming one of Americas first big-time, celebrity CEOs. Iacocca died from natural causes, according to news reports that confirmed his passing with Iacoccas youngest daughter, Lehigh trustee Lia Iacocca Assad. LIDO ANTHONY IACOCCA, engineer and industrial icon, passed away at the age of 94 on July 2, 2019, in Los Angeles. Her husband is Ned Carlton Hentz. [40] The name of the character is his birth name, which was not used in the public sphere due to the trouble of mispronunciation or misspelling. These included cars ultimately introduced by Chrysler the K car and the minivan. His father, Nicola, became rich in real estate and other businesses, but the family lost nearly everything in the Depression. His dedication to Lehigh was unwavering throughout the years. communications@lehigh.edu, GO: The Campaign for LehighBe part of the most ambitious fundraising and engagement effort in Lehigh's history. In 1986, Iacocca was elected to the prestigious National Academy of Engineering in 1986, one of the highest honors accorded to an engineer. [27], In 1993, he had joined the board of MGM Grand, led by his friend Kirk Kerkorian. These volumes are intended to stand as an enduring record of the many contributions of engineers and engineering to the benefit of humankind. Iacocca subsequently served on the board of several companies, and he was involved in various causes, especially diabetes research. in 2007. Pin. This summers Iacocca Institute programs, currently in progress on the Lehigh campus. An additional $1 million match will support Lehigh's overall global initiatives. Lia Iacocca Assad and her husband, Victor. Nicola also ran The new model had all the newest technologies, including fully electronic fuel injection and an all-digital dashboard. He was a visionary in understanding that global experiences impacted individual lives, as well as the business world, she said. [10], In 1977, there were allegations that the Pinto's structural design allowed its fuel-tank filler neck to break off and the fuel tank to be punctured in a rear-end collision, resulting in deadly fires. Lee Iacocca joined the Ford Motor Company in 1946. noted her fathers pride in his lifetime association with Lehigh, both as a student and a philanthropist. In most cases, the authors of the tributes are contemporaries or colleagues who had personal knowledge of the interests and the engineering accomplishments of the deceased. involve 150 participants from 62 countries. An additional $1 million m We strive for accuracy and fairness. At Lehigh, he was a member of the Tau Beta Pi engineering honor society, the Theta Chi fraternity, earned a reputation as a talented debater and was a writer and editor for the Brown and White. Chrysler claimed automaker from a sluggish moneymaker into a highly profitable business. They are in the Packard Motor Car Company's first car, the Ohio Model A, made by the company founded by James Packard 1884. Ironically, some later year base model U.S. Omnis used a French Peugeot-based 1.6L engine. Vivienne Westwood Husband Andreas Kronthaler, Francesca Hetfield Metallicas James Hetfields Wife. Lee Iacocca, byname of Lido Anthony Iacocca, (born October 15, 1924, Allentown, Pennsylvania, U.S.died July 2, 2019, Bel Air, California), American automobile executive who was president (1978-92) and chairman of the board (1979-92) of Chrysler Corporation, credited with reviving the foundering company. Mary passed away on May 15, 1983 due to complications from type 1 diabetes. New York: Bantam, 1988. to a much lower break-even point; by winning approval of $1.5 billion in [37] Iacocca continued to serve on the board of the foundation until his death. After a thirty-two year career with Ford Motor Company, including eight Put their passion and ideas to work. The tense relationship between the two led to Ford firing Iacocca in 1978. He joined Chrysler in 1978 as president and CEO and began rebuilding the company from the ground up, bringing in former associates from Ford. National Academy of Engineering 500 Fifth Street, NW | Washington, DC 20001 T. 202.334.3200 | F. 202.334.2290, Memorial Tributes: National Academy of Engineering, Volume 23, National Academy of Engineering, Volume 23. [3] He was said to have been christened with the unusual name "Lido" because he was conceived during his parents' honeymoon in the Lido district in Venice. Iacocca retired from Chrysler in 1992. The next year, Kerkorian and Chrysler made a five-year agreement which included a gag order preventing Iacocca from speaking publicly about Chrysler.[19]. Of the four issues, the need for mandatory seat belt laws is the only one effectively addressed in the decades since. We. 2023 Biography and the Biography logo are registered trademarks of A&E Television Networks, LLC. a worldwide reputation through business leadership, television So I'd say to the Obama administration, don't leave them out. FILE - In this Oct. 18, 2005, file photo, Mercedes-Benz of Beverly Hills general manager Stephen Smythe, left, and Lee Iacocca joke in the back of the new 12-cylinder Maybach 57 S, as the car unveiled at the Mercedes-Benz of Beverly Hills dealership in Beverly Hills, Calif. Iacocca, the auto executive and master pitchman who put the Mustang in Ford's lineup in the 1960s and became a corporate . Iacocca was let go from Ford Motor Company in June 1978 by Chairman (2007; with Catherine Whitney). She is married to Victor Assad who is her second husband, together they have four children. President's Statue of Liberty-Ellis Island Centennial Commission, July 3, 2019. In addition, Chrysler Lee A. Iacocca, the visionary automaker who ran the Ford Motor Company and then the Chrysler Corporation and came to personify Detroit as the dream factory of America's postwar . At Lehigh, he led the fundraising campaign to purchase the 742-acre Mountaintop Campus (which now houses the College of Education and several academic departments and programs) from Bethlehem Steel and jointly started the Iacocca Institute, an organization dedicated to increasing the global competitiveness of American organizations. Iacocca was strongly courted by Chrysler at a time when the company appeared to be on the verge of going out of business and had just sold its loss-making Chrysler Europe division to Peugeot in an effort to generate cash because the company was losing millions already in North America. President Ronald Reagan asked him to help coordinate fundraising efforts for the restoration of Ellis Island and the Statue of Liberty. Powered by. if Iacocca's latest work will be as popular as his previous It appears that their marriage ended in divorce, as Lia is currently married to Victor Assad. He donated all profits from the company to type 1 diabetes research. Iacocca was the son of an Italian immigrant. Iacocca enjoyed a long and spectacularly successful career, which took an unexpected turn when he discovered that he preferred the business aspect of the automobile industry over the engineering component. ASSEMBLED BY NAE STAFF FROM PUBLISHED SOURCES. The other three chapters foreshadow current debates about health care, unfair trade practices by other countries, and the reliance of the US economy on financial instruments rather than real goods and services. He introduced topics such as health care costs, and the United States' lag in developing alternative energy sources and hybrid vehicles. Iacoccas long relationship with Lehigh began when he entered the university after graduating from William Allen High School in Allentown in 1942. restaurateur Darrien Earle (1990), ended in divorce. Kathryns Facebook profile reveals that she currently lives in Boston, Massachusetts; according to Lias Facebook page, she is currently living with her family in Laguna Beach, California. Treasure the . In addition, Lee led the highly successful reintroduction of the big Imperial, buoyed by a fortuitous reduction in gasoline prices. He remained loyal to Lehigh throughout a spectacularly successful business career that brought him international recognition and acclaim and allowed him to donate millions of dollars to various institutions and charitable foundations around the world. In his plan, consumers made a 20 percent down payment and then paid 56 dollars a month for three years. By the mid-1980s Iacocca had achieved folk-hero status. Now in its 23rd year, the program has more than 2,200 alumni representing 140 countries, on all continents. However, he denied this rumor in his autobiography, saying that is romantic but not true; his father went to Lido long before his marriage and was traveling with his future wife's brother.[4]. One of the companys singularly successful innovations was the minivan, a concept that Hal Sperlich, also fired from Ford and hired at Chrysler in 1977, had spearheaded at Ford, where it was rejected. Bearing a strong resemblance to the Volkswagen Rabbit, these front-wheel drive cars were instantly popular, selling over 300,000 units each in their first year and showing what was to come for Chrysler. Henry Ford II had wanted nothing to do with the Mini-Max, a restyled version of the minivan, which Toyota was selling in huge numbers in Asia and Latin America, and his opinion doomed the project at Ford. earned a master's degree from Princeton University. Lee Iacocca, byname of Lido Anthony Iacocca, (born October 15, 1924, Allentown, Pennsylvania, U.S.died July 2, 2019, Bel Air, California), American automobile executive who was president (197892) and chairman of the board (197992) of Chrysler Corporation, credited with reviving the foundering company. lof214@lehigh.edu, 301 Broadway, 4th Floor - Suite 400 [28] He started a merchant bank to fund ventures in the gaming industry, which he called "the fastest-growing business in the world". Born to. Here's a look at his incredible life and career", Ford's IacoccaApotheosis of a UsedCar Salesman, "Iacocca Bid to Oust Henry Ford Led to His Firing, New Book Says", "The Top Automotive Engineering Failures: The Ford Pinto Fuel Tanks", "Grimshaw v. Ford Motor Co. (1981) 119 CA3d 757", "Curbside Classics: Chrysler's Deadly Sin #1 - 1976 Plymouth Volare and Dodge Aspen", "Lee Iacocca - All-American Automotive Icon", "After a Quarter Century, Dodge Loses Minivan Crown to Honda", "Leo-Arthur Kelmenson, Ad Man Who Helped to Save Chrysler, Dies at 84", "Auto Industry Legend and "Miami Vice" Superstar Lee Iacocca Is Dead", "Iacocca losing pension, car in Chrysler bankruptcy", "Talking Straight (Hardcover) - Editorial Reviews", "Lee Iacocca Fails Retirement, Writes Book", "Showbiz makes unlikely stand in Branson, Mo", "Lee Iacocca Joins Board of Koo Koo Roo Restaurants", "Iacocca to Resign From Koo Koo Roo Board", "INVESTING IT; A Bet on Electric Bikes, Or at Least on Lee Iacocca (Published 1997)", "Facts & Statistics of Electric Bicycles [2020] + Infographic", "NOTES ON PEOPLE; Iacocca to Head Drive to Restore Landmarks", "Buy modern style Christian Louboutin Pump, fashion Calvin Klein shoes, absolutely beautiful sandals and Jimmy Choo pumps in Luxury Fashion Shoes Store", "Lee Iacocca, who helped create the Ford Mustang and then rescued Chrysler in the 1980s, has died", "Famed Auto Executive Lee Iacocca Dies at 94", "Auto Industry Legend Lee Iacocca Dead at 94", "Visitation, funeral & burial for Lee Iacocca will be in metro Detroit next week", "Chrysler hearse is a fitting final ride for Lee Iacocca", Lee Iacocca endorses Mitt Romney as man of experience, "Lee Iacocca Is Alive And Well -- And Not Looking Forward To 'Watchmen' Movie", Iacocca Says "Detroit Is Living in the Past", Lehigh University Engineering Heritage Initiative Iacocca Biography, Chrysler First Financial Services Corporation, United States Council for Automotive Research, Chrysler World Headquarters and Technology Center, https://en.wikipedia.org/w/index.php?title=Lee_Iacocca&oldid=1129566334, 21st-century American non-fiction writers, American chief executives in the automobile industry, Businesspeople from Allentown, Pennsylvania, Neurological disease deaths in California, Pages containing links to subscription-only content, Creative Commons Attribution-ShareAlike License 3.0, Iacocca: An Autobiography, Lee Iacocca and William Novak, 1986, Talking Straight, Lee Iacocca and Sonny Kleinfield, 1988, Liberty for All, Peter B. Kaplan, Lee Iacocca, Barbara Grazzini, 2002. When Iacocca retired from Chrysler in 1992, the firm's profits were up and thousands of American manufacturing jobs were secure. [8], In 1968, Iacocca foresaw the need for domestically produced, small, fuel-efficient vehicles,[9] and proposed a vehicle that weighed less than 2,000 pounds and would be priced at less than $2,000. July 2, 2019. [9] This case is a staple of engineering ethics courses as an example of a bad costbenefit analysis. Lee Iacocca was the iconic automaker who helped create Ford models including the Escort and Mustang. In 2004, Iacocca launched Join Lee Now,[38] a national grassroots campaign, to bring Faustman's research to human clinical trials in 2006. for several of those years. Iacocca grew up in comfortable surroundings learning the nuts and bolts (610) 758-3224 (o) Iacocca, Lee A. This summers Iacocca Institute programscurrently in progress on the Lehigh campusinvolve 150 participants from 62 countries. Lehigh Valley area students are eligible for financial aid. Lee Iacocca is survived by daughters Kathryn Iacocca Hentz (Cohasset, MA) and Lia Iacocca Assad (Laguna Beach, CA), and eight grandchildren. Iacocca became a national celebrity. And, is a member of the Lehigh University Board of Trustees. Iacocca led Chrysler's acquisition of AMC in 1987, which brought the profitable Jeep division under the corporate umbrella. Another New York Times article, this time from September 1987, announced the marriage of Lia to James F. Nagy Jr. Nagy was a landscape supervisor at the time of their wedding, and Lia was president of her familys wine company, Villa Nicola Ltd. "I was raised to give back. These volumes are intended to stand as an enduring record of the many contributions of engineers and engineering to the benefit of humankind. Born in Allentown, PA in 1924 to Italian immigrant parents, Lido "Lee" Iacocca would go on to head two major American automakers, become the country's most recognizable pitchman, and leave a legacy that reverberates today, thirty years after his retirement. They will have conducted research, developed sustainability projects and initiated engineering solutions in international destinations like China, Ghana, Kyrgyzstan and Macedonia, said Iacocca, who firmly believed that international working experiences gave students a serious competitive edge in the job market. Just as the Mustang reestablished Its programs, such as Global Village and the Iacocca International Internship Program, provide students with opportunities and experiences to achieve a more well-rounded and enriched education and prepare them for global leadership. It was the best selling non-fiction hardback book of 1984 and 1985. His TV ad commercials made popular the slogan, "If you can find a better car, buy it." Iacocca's first task was to raise money to fund new projects for the failing company. Lido Anthony " Lee " Iacocca ( / a.kok / EYE--KOH-k; October 15, 1924 - July 2, 2019) was an American automobile executive best known for the development of the Ford Mustang, Continental Mark III, and Ford Pinto cars while at the Ford Motor Company in the 1960s, and for reviving the Chrysler Corporation as its CEO during the 1980s. the American people, in the grip of a recession (a temporary slowing of This gave Iacocca the breathing room he needed to revamp and streamline operations. Iacocca and Mary McCleary were married in 1956 and had two daughters, Along with spearheading Chrysler's rise, Iacocca took leadership He was 94 years old. - Lee Iacocca. The new model had all of the newest technologies of the time, including fully electronic fuel injection and all-digital dashboard. Let us know if you have suggestions to improve this article (requires login). As general manager of the Ford Division, he was credited with introducing the design of the 1964 Mustang. July 13 Henry Ford II fires Lee Iacocca On July 13, 1978, Ford Motor Company chairman Henry Ford II fires Lee Iacocca as Ford's president, ending years of tension between the two men. As assistant sales manager in the Philadelphia district, he gained national recognition with his 56 for 56 campaign, offering loans on 1956 model year cars with a 20 percent down payment and $56 in monthly payments for 3 years. book, made him one of the nation's most known and admired Forinquiries, visit the media page or contact: Lori Friedman However, the straight-talking Iacocca clashed with Henry Ford II, scion of the Ford family and chairman of the auto company. Iacocca, Lee and William Novak (1986 reissue). Iacocca responded by finding new sources of credit and by trimming operations, closing plants, and persuading labour unions to accept layoffs and wage cuts. Iacoccas autobiography, Iacocca (written with William Novak), was published in 1984. Henry Ford II for reasons Ford never revealed. [25][26], Iacocca partnered with producer Pierre Cossette to bring a production of The Will Rogers Follies to Branson, Missouri, in 1994. He secured a much Bethlehem, PA 18015 Iacocca graduated with honors from Allen High School in Allentown in 1942. launched the Ford Mustang, which, thanks to brilliant styling and president to a board of directors. (1913945) was denied At the age of 94, automobile executive Lee Iacocca passed away today, July 2. In 1988, Iacocca co-authored (with Sonny Kleinfeld) Talking Straight,[23] a book meant as a counterbalance to Akio Morita's Made in Japan, a non-fiction book praising Japan's post-war hard-working culture. In 1984 he coauthored (with William Novak) the best-selling Iacocca: An Autobiography (he donated the proceeds of the books sales to type 1 diabetes research). He notably secured the largest amount of federal financial assistance ever given to a private corporation at that time. Other factors no doubt played a role, too. In addition to Chrysler's new smaller, more fuel efficient cars including the K-car series that replaced the old gas guzzlers, Iacocca introduced the main reason for the company's success: the 1984 T115 minivan. Rossin College of Engineering and Applied Science, Job Placement Success & Postgraduate Education, College of Business and Iacocca Institute Partner for Summer Program for Budding High School Entrepreneurs, Chris and Calvin LaMont Helping Communities After Buy It or Build It Success, Annual Security & Annual Fire Safety Report. She was 49. welcomed, for the first time in U.S. corporate history, a union Breathing new life into Chrysler earned Iacocca another cover of Time in March 1983. For more information on cookies visit: https://www.nationalacademies.org/legal/privacy Accept All Cookies As a challenge grant, the gift matched funds raised from other alumni and donors for a potential total funding of $10 million. Iacocca was born Lido Anthony Iacocca in 1924 in Allentown, Pennsylvania. The late 1980s and early 1990s were not as kind to Iacocca. In 1983 Chrysler In 1984 the company posted profits of Though Iacocca moved away years ago from the Lehigh Valley, his older sister, Delma Iacocca Kelechava, 97, and other relatives live locally. Iacocca was married to Mary McCleary on September 29, 1956. In 1999 Iacocca Iacocca was born in Allentown, Pennsylvania, to Nicola Iacocca and Antonietta Perrotta, Italian Americans (from San Marco dei Cavoti, Benevento) who had settled in the steel producing region of Pennsylvania's Lehigh Valley. history's greatest comebacks at Chrysler Corporation. The Iacocca Global Village program was launched in 1997 by former Institute director Prof. Roger Nagel, who worked closely with Iacocca and then-Lehigh President Peter Likins on the new venture. It might seem strange to lead with "engineer" for a man who was . Also from Ford, Iacocca brought to Chrysler the "Mini-Max" project, which, in 1983, bore fruit in the highly successful Dodge Caravan and Plymouth Voyager. of business from his father who worked as a cobbler, hot dog restaurant Ford Mustang Iacocca Silver 45th Anniversary Edition, "Iacocca, Away From the Grind, Still Has a Lot to Say", "Lee Iacocca, Visionary Automaker Who Led Both Ford and Chrysler, Is Dead at 94", "Lee Iacocca, the auto-industry titan who saved Chrysler from bankruptcy and launched the Ford Mustang, has died. Darrien was described as a Los Angeles restaurateur. Bearing a strong resemblance to the Volkswagen Rabbit, the front-wheel-drive Omni and Horizon became instant hits, selling over 300,000 units each in their debut year, showing what was to come for Chrysler. paid the government back its loans and Iacocca became a star, a symbol American car manufacturers had suffered. While every effort has been made to follow citation style rules, there may be some discrepancies. (2007; written with Catherine Whitney). Earlier, he received the Lehigh Alumni Award, the highest honor bestowed on an alumnus, for his many years of service, loyalty and dedication to the university. Had suffered McCleary on September 29, 1956 $ 1 million match will support Lehigh & # x27 s. A sluggish moneymaker into a highly profitable business which manufactures the Olivio of! Technologies of the many contributions of engineers and engineering to the benefit of humankind is well known for Chrysler!, Nicola, became rich in real estate and other businesses, the. 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