Every day I talk to dealers and managers, who are passionate and full of ideas. Iacoccawas the driving force behind the iconic Mustang in the mid-1960s. Visit the campaign website now >, 27 Memorial Drive West, Bethlehem, PA 18015 USA, document.write( new Date().getFullYear() ); All Rights Reserved, Lee Iacocca '45, Business Icon and a 'Great Son of Lehigh,' Dies at 94. as a symbol of American ingenuity and resilience. [25][26], Iacocca partnered with producer Pierre Cossette to bring a production of The Will Rogers Follies to Branson, Missouri, in 1994. Before her death, Iacocca became a strong advocate for better medical treatment of type 1 diabetes patients, who frequently faced debilitating and fatal complications, and he continued this work after her death. Born to. 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. Iacocca joined Ford Motor Company in August 1946. 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. launched the Ford Mustang, which, thanks to brilliant styling and (adsbygoogle = window.adsbygoogle || []).push({}); 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. businessmen. Their Facebook pages also say that Kathryn graduated from Middlebury College and studied Italian, Spanish, and French, while Lia graduated from Oakland University with a degree in Communications 1986. Mini Bio (1) Lee Iacocca was born on October 15, 1924 in Allentown, Pennsylvania, USA. Chrysler released the first of the K-Car line, the Dodge Aries and Plymouth Reliant, in 1981. According to Lehigh University, for which Lia became a member of the Board of Trustees in 2016, she has been married to Victor for 27 years. She was 57. Moving on to Lee Iacocca's love and private life, he married three times in his life. He leaves a strong and enduring legacy at Lehigh.. (Photo by Douglas Benedict). 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, 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. 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. of success and the achievement of the American dream. 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. Lee arrived shortly after Chryslers introduction of the subcompact Dodge Omni and Plymouth Horizon. president to a board of directors. Lehigh lost not only a great man but a great friend as well, said Lehigh President John D. Simon 19P. The next year, Kerkorian and Chrysler made a five-year agreement which included a gag order preventing Iacocca from speaking publicly about Chrysler.[19]. 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. "[17], Iacocca retired as president, CEO, and chairman of Chrysler at the end of 1992. U.S.A. Lee Iacocca is survived by daughters Kathryn Iacocca Hentz (Cohasset, MA) and Lia Iacocca Assad (Laguna Beach, CA), and eight grandchildren. as "the living embodiment of the American dream." In 2004, Iacocca launched Join Lee Now,[38] a national grassroots campaign, to bring Faustman's research to human clinical trials in 2006. welcomed, for the first time in U.S. corporate history, a union creator's picture on the covers of [6] His campaign went national, and Iacocca was called to the Dearborn headquarters, where he quickly moved up through the ranks. He donated all profits from the company to type 1 diabetes research. In 1991 he said I Do, for the third time to Darrien Earle. the American people, in the grip of a recession (a temporary slowing of fast pace of sales. 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. 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. New York: Harcourt Brace, 1995. A letter from Jennifer Cunningham, assistant vice president for alumni relations. He endorsed New Mexico Governor Bill Richardson in his quest for the presidency in 2008, and went on to support former Massachusetts Governor Mitt Romney in 2012. After her death, Lee founded the Iacocca Family Foundation. Lee had a genius for introducing highly successful new cars. automaker from a sluggish moneymaker into a highly profitable business. Her husband is Ned Carlton Hentz. New York: Macmillan, 1982. Chrysler Chairman Lee Iacocca attends the unveiling of the new Mercedes-Benz Maybach 57S at Mercedes Benz of Beverly Hills on October 18, 2005. 2023 Biography and the Biography logo are registered trademarks of A&E Television Networks, LLC. Harper Lee is best known for writing the Pulitzer Prize-winning bestseller 'To Kill a Mockingbird' and 'Go Set a Watchman,' which portrays the later years of the Finch family. In addition to his acting role in Miami Vice, Iacocca also made appearances on Good Morning America, Late Night With David Letterman and the 1985 Bob Hope TV special Bob Hope Buys NBC? The Omni was a derivative of Chrysler Europe's Chrysler Horizon, one of the first deliberately designed "World Cars", which resulted in the American and European cars looking nearly identical externally. While working in the Philadelphia district as assistant sales manager, Iacocca gained national recognition with his "56 for '56" campaign, offering loans on 1956 model year cars with a 20% down payment and $56 in monthly payments for three years. - Lee Iacocca. Levin, Doron P. [15] Because of the K-cars and minivans, along with the reforms Iacocca implemented, the company turned around quickly and was able to repay the government-backed loans seven years earlier than expected. Although he played an active role in politics throughout his later years through his candid, no-nonsense commentary, it was reported that his family and close friends convinced him not to seek public office. 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. Lee Iacocca has come home., At that reception, Iacocca told those gathered that he discovered a few truths over the course of a long and fortunate life. (610) 758-3224 (o) Talk of [2] At Lehigh University, he was a member of Tau Beta Pi, the engineering honor society, and Theta Chi fraternity. Ever the salesman, throughout the 1980s he appeared in a series of commercials for Chrysler vehicles, with the ad campaign The pride is back, to signal the companys turnaround. This article was most recently revised and updated by, https://www.britannica.com/biography/Lee-Iacocca, Automotive Hall of Fame - Biography of Lee A. Iacocca, Lee Iacocca - Student Encyclopedia (Ages 11 and up). He has, however, remained a voice in the national dialogue and his sought-after support of candidates crossed traditional party lines. Iacocca is the author of four books: Iacocca: An Autobiography, one of the best-selling non-fiction hardcover books in 1984 and 1985 (it was republished in 2007), Talking Straight in 1988, I Gotta Tell You: Speeches of Lee Iacocca in 1994, and most recently, Where Have All the Leaders Gone? Free shipping for many products! During Iacoccas tenure, the popular minivan was added to the Chrysler vehicle lineup. Part of enjoying life is giving back. At the age of 94, automobile executive Lee Iacocca passed away today, July 2. She studied at the prestigious Cordon Bleu cooking school of France and has owned several restaurants in Southern California, including Panama Reds in Brentwood and Santa Barbara. Mary met her husband while they worked together at Ford in 1948. the sports car for Ford, the minivan would be loved by the young family Let us know if you have suggestions to improve this article (requires login). Lee Iacocca is survived by both Lia and her sister, Kathryn. In his later years, he enjoyed. Iacocca had married the former Mary McCleary, who died in 1983 of complications from diabetes. Chrysler, was paid a 1987 salary of $18 million. Iacocca pledged to provide up to $5 million in endowment to support a group of international interns each academic year. Iacoccas autobiography, Iacocca (written with William Novak), was published in 1984. In his lifetime, Lee was married three times and became the father of two children. Minneapolis: Dillon Press, 1987. Though Iacocca moved away years ago from the Lehigh Valley, his older sister, Delma Iacocca Kelechava, 97, and other relatives live locally. Lido Anthony Iacocca 45better known to millions of Americans as Lee Iacoccaa dedicated philanthropist, visionary automaker and influential business leader who was considered one of the greatest CEOs of all time, died at his home in Bel Air, California on Tuesday, July 2. Lee Iacocca's viewing and burial are in the Detroit area. Time He introduced topics such as health care costs, and the United States' lag in developing alternative energy sources and hybrid vehicles. He leaves a strong and enduring legacy at Lehigh., Lehigh Board of Trustees Chair Kevin L. Clayton 84 13P called Iacocca an "extraordinary business leader, whose notable accomplishments were surpassed only by his generosity. In honor of his contributions to the university, one of the buildings on the acquired campus was named Iacocca Hall and Lehigh established four Iacocca chairs in 1991one in each collegeas well as the Iacocca Scholarship. TMZ was the first to break the news, saying that their source was a family member who did not give further details regarding his cause of death. Iacocca died onJuly 2, 2019, in Bel Air, California. 1988 presidential preferences showed that the cocky industrialist Even as a Copyright 2023 National Academy of Sciences on behalf of the National Academy of Engineering. Facebook/Kathryn Iacocca Hentz.Kathryn Iacocca Hentz. Throughout the years, he's remained very loyal to Lehigh and we are grateful for his efforts to give back to an institution he clearly loved.". Born: October 15, 1924 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. her memory, Iacocca donated his book earnings to diabetes research. Our editors will review what youve submitted and determine whether to revise the article. At the age of 94, automobile executive Lee Iacocca passed away today, July 2. He saw well into the future in citing these issues, which are still hotly debated. He was on the cover of, Breathing new life into Chrysler earned Iacocca another cover of, He was preceded in death by his wife, the former Mary McCleary, a Ford Motor Co. receptionist he met in the late 1940s. 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. paid the government back its loans and Iacocca became a star, a symbol (2007; with Catherine Whitney). owner and a theater owner. Iacocca was a loyal and active Lehigh alumnus. Even without their fathers inheritance, both women are successful in their own rights, both professionally and personally. [28] He started a merchant bank to fund ventures in the gaming industry, which he called "the fastest-growing business in the world". His dedication to Lehigh was unwavering throughout the years. [41] He died on July 2, 2019, at his home in Bel Air, at the age of 94. - Lee Iacocca. He began working at Ford Motor Company in 1946. Click here to login if you're an NAE Member. He also served as director of Lehighs Global Village for Future Leaders of Business and Industry. He even made an appearance on the popular 1980s TV show Miami Vice. [27], In 1993, he had joined the board of MGM Grand, led by his friend Kirk Kerkorian. Film producer and director Lee Daniels is known for films that tackle difficult subjects including racism, image and family violence. ASSEMBLED BY NAE STAFF FROM PUBLISHED SOURCES. Mary passed away on May 15, 1983 due to complications from type 1 diabetes. a worldwide reputation through business leadership, television Iacocca's second marriage was to Peggy Johnson. The Pinto entered production beginning with the 1971 model year. image, like Chrysler's earnings, began to fall. He won a Wallace Memorial Fellowship and attended Princeton University, where, a year later, he earned a masters degree in mechanical engineering. However, the straight-talking Iacocca clashed with Henry Ford II, scion of the Ford family and chairman of the auto company. 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. in need of room and efficiency and revitalize Chrysler. In 1964, with others on his staff, he He was 94 years old. New York: Morrow, 1987. (323) 377-4312 (m) Along with spearheading Chrysler's rise, Iacocca took leadership for several of those years. Be part of the most ambitious fundraising and engagement effort in Lehigh's history. In 1956, he married Mary McCleary for the first time. "I was raised to give back. as Kerkorian's consultant. criticized Japanese trading practices, blaming them for the ills that [17] In return for his services, Iacocca and DaimlerChrysler agreed that his fees, plus a $1 donation per vehicle sold from July 1 through December 31, 2005, would be given to the Iacocca Foundation for type 1 diabetes research. [35] In 1999, Iacocca became the head of EV Global Motors.[36]. With the right skills and education, we can lead the way.. "The pride is back." In July 2005 Iacocca returned to the airwaves as Chryslers pitchman, along with celebrities such as Jason Alexander and Snoop Dogg, to promote the companys Employee Pricing Plus program; the ads reprised the If you can find a better car, buy it line. An additional $1 million match will support Lehigh's overall global initiatives. years as president, Lee Iacocca engineered one of business The influential business leader and philanthropist was broadly recognizedas a symbol of American ingenuity and resilience. After winning the Wallace Memorial Fellowship at Princeton University, he pursued a master's degree there. He also wrote Talking Straight (1988; coauthored with Sonny Kleinfeld) and Where Have All the Leaders Gone? This is the 23rdVolume in the series Memorial Tributes compiled by the National Academy of Engineering as a personal remembrance of the lives and outstanding achievements of its members and international members. https://www.biography.com/business-figure/lee-iacocca. Lee had two daughters, Kathryn and Lia Iacocca, both born from his first marriage to Mary McCleary. It might seem strange to lead with engineer for a man who was famousboth to fellow industrialists and to the public at largeas an automotive executive, because of his ubiquitous Chrysler commercials, but he was educated as an engineer. 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. 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. Although his request sparked intense debate over the role of government in a market economy, Congress in 1980 agreed to guarantee $1.5 billion in loans if the company could raise another $2 billion on its own. a great vision in order to build a thriving business. 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]. Two later marriages, to advertising executive Peggy Johnson (1986) and restaurateur Darrien Earle (1990), ended in divorce. They were divorced three years later. H. e established the Iacocca Foundation, which has raised more than $23 million to fund diabetes research, and the Kids with Courage Foundation, which provides support systems for children with Type 1 diabetes. In the 2004 presidential election, however, he endorsed Bush's opponent, Democrat John Kerry. Iacocca graduated with honors from Allen High School in Allentown in 1942. Prior to her death Mary had become an advocate for diabetes patients. [33], In 1997, Iacocca founded Iacocca, a company formed to develop and market electric bikes with a top speed of 15mph and a range of 20 miles between recharging at wall outlets. In 1960 Iacocca was named Ford's vice president of the car and TMZ was the first to break the news, saying that their source was a family member who did not give further. Articles from Britannica Encyclopedias for elementary and high school students. The campaign went national and he was called to the Ford headquarters in Dearborn, Michigan, where he rose through the ranks: vice president and general manager, Ford Division (1960); vice president, car and truck group (1965); executive vice president (1967); and president (1970). He was 94. 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 will be so missed.. The late 1980s and early 1990s were not as kind to Iacocca. 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