orig. Lido Anthony Iacocca
born Oct. 15, 1924, Allentown, Pa., U.S.
U.S. automobile executive.
He was hired as an engineer by Ford Motor Co. but soon moved to its sales department and was noted for his successful promotion of the sporty yet inexpensive Mustang. He rose rapidly, becoming president of Ford in 1970. His brash manner led to his dismissal by Henry Ford II in 1978. A year later he was hired by the nearly bankrupt Chrysler Corp. He persuaded Congress to lend Chrysler $1.5 billion in 1980 and carried out layoffs, wage cuts, and plant closings to make the company more efficient. He also shifted the company's emphasis to more fuel-efficient cars and embarked on an aggressive advertising campaign. Within a few years Chrysler was showing record profits, and Iacocca was a national celebrity with a best-selling autobiography, Iacocca (1984). He retired in 1992.
Iacocca, 1983
UPI/Bettmann