See Article History Alternative Title:
He had one sister named Antonette. The family lived in Allentown, Pennsylvania. His father was somewhat of an entrepreneur in the food service industry.
Growing up in Allentown was difficult for Lee, because of his ethnic background. Allentown was primarily made up of Dutch immigrants.
In his early years of education he was ridiculed for his heritage. An his senior year in high school Lee came down with rheumatic fever. He had a harsh bout with the disease because there was no modern medicine to aid in the recovery.
In during the World War he was very excited about joining the military. Ironically, the illness that had almost killed him, saved him from going to war. Most of his classmates that joined the service had been killed over-seas and abroad. For college Lee chose Lehigh University for its engineering program, although he wanted to go to Purdue, he did not get a scholarship.
Lehigh University was one of the sights that Ford Motor Company used to recruit new employees. He was able to secure a place in the Ford training program, it was difficult for him to get admission but he survived. During his time in the training program Lee had become less interested in the engineering aspect of the business and more in sales.
He dropped out of the program to pursue areas in sales with the Ford Corporation. During his time at Ford Lee Iacocca came out with several very innovative purchasing concepts. One concept was the 56 for 56 payment plan.
This was one of the first payment plans that were structured to be affordable for the consumer. The system was responsible for selling over seven hundred fifty thousand vehicle in After Ford was able to settle law suits over the compact car for explosive reasons, the Pinto was noted for exploding from rear end collisionsthey recalled over a million and a half Pintos.
This was June ofone month before Lee was fired. In Lee Iacocca was employed with the Chrysler Corporation.Lee Iacocca with the 45th-anniversary edition of the Ford Mustang. Courtesy of The Iacocca Foundation Later that year Iacocca was hired as president by the Chrysler Corporation, which, having accumulated a huge inventory of low-mileage cars at a time of rising fuel .
Lee Iacocca Biography (Lido Anthony Iacocca): (former) Chairman of Chrysler Corporation Famous for: Turning around the troubled American car manufacturer Chrysler Corporation and being a respected business leader.
Chrysler paid back the loan that kept them afloat seven years before the due date, exactly five years to the day from when Iacocca had been fired by Ford. He was widowed and left with two children with the death of Mary from diabetes on 5/15/ May 08, · When Chrysler Chairman John Riccardo John Riccardo brought in Lee Iacocca Lee Iacocca as president and chief operating officer in late , Iacocca, a year Ford company man, was faced with the.
Lee Iacocca made a name for himself by saving Chrysler Corporation from the brink of bankruptcy in the late s and built it into a powerful and profitable firm in short time. Management and manufacturing changes implemented by Iacocca resulted in a dramatic increase in .
In Lee Iacocca was employed with the Chrysler Corporation. Within his first few month there he had seen Chrysler cancel production of over sixty thousand cars.
After a short period of time he found out there were no dealers to sell cars for them.