Lee Iacocca – His Final Introductions

To his supporters, Lee Iacocca is a miracle worker, the genius behind the original Ford Mustang in the 1960s and the executive who wrested Chrysler from the jaws of death in the late 1970s. To his critics, he is a business man who lost sight of his business and a leader who became so caught up in the trappings of his own celebrity that he forgot how to lead. Iacocca served as president of Ford form 1970 to 1978, but was fired July 13th of that same year. Accepting a job at as Chief Operating Officer at ailing Chrysler Corporation. Here he took charge of the US automaker that was hardest hit by the energy crisis of the 1970s. Its cars were considered second rate and its organizational structure offered a glaring case of waste and mismanagement. While a bailout by the federal government kept Chrysler afloat temporarily, changes were necessary. Iacocca responded to the challenge with two major new products: the K-car and the minivan. Vehicles often praised for saving the company. But by the late 1980s, some critics felt that Iacocca’s business judgement had begun to falter leading to unwise investment sad vehicles that were once again considered inferior to the competition. Chrysler’s earnings began to fall and Iacocca’s star continued to decline, leading to his retirement in 1992.