Lee had two daughters, Kathryn and Lia Iacocca, both born from his first marriage to Mary McCleary. presidency and general managership of the company's most Corrections? Reports say Lee Iacocca died of natural causes, but that he suffered from complications from Parkinsons Disease. Time Only time will tell Iacocca and Mary McCleary were married in 1956 and had two daughters, Kathi and Lia. Iacocca's first task was to raise money to fund new projects for the failing company. Copyright 2023 National Academy of Sciences on behalf of the National Academy of Engineering. His extraordinarily successful career served as an inspiration for generations of students. Iacocca participated in the design of several successful Ford automobiles, most notably the Ford Mustang, the Continental Mark III, the Ford Escort and the revival of the Mercury brand in the late 1960s, including the introduction of the Mercury Cougar and Mercury Marquis. 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. 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. her memory, Iacocca donated his book earnings to diabetes research. 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. Iacocca was born Lido Anthony Iacocca in 1924 in Allentown, Pennsylvania. They were married for 27-years. Lee Iacocca '45 remained a loyal supporter of Lehigh throughout his spectacularly successful business career. The site also promotes his book Where Have All the Leaders Gone. A New York Times article from 1986, in which Iacocca proudly announces Kathryns engagement and impending June wedding, says that husband, Ned Carlton Hentz, was also a Middlebury graduate. Later, he headed Chrysler, helping turn the company from near failure to great success. history. (2007; with Catherine Whitney). Chrysler released the first of the K-Car line, the Dodge Aries and Plymouth Reliant, in 1981. "The pride is back." Despite the thwarted takeover attempt, Iacocca resumed his role as a Chrysler pitchman in 2005, appearing in ads with Jason Alexander and Snoop Dogg. These are the folks on the front lines, and they're the key to survival. It appears that their marriage ended in divorce, as Lia is currently married to Victor Assad. Iacocca's image was also invoked by rival automaker Ford in the marketing campaign for the 1993 Mercury Villager minivan, which depicted a competing car company led by an unhappy boss with a physical resemblance to Iacocca viewing the Villager with consternation because it is outselling their minivan. American auto executive Lee Iacocca became a national celebrity for steering the Chrysler Corporation away from bankruptcy toward record profits in the 1980s. At the age of 94, automobile executive Lee Iacocca passed away on July 2, 2019. By 1981 Chrysler showed a small profit, and three years later it announced record profits of more than $2.4 billion. It created the short-lived Eagle division. The generosity of Lee Iacocca and others has positioned Lehigh to stay in the forefront of preparing students to lead in global careers, Clayton said. . He was the father of niche marketing in the automobile industry. The Washington Post later reported that his daughter, Lia, informed that he died due to complications from Parkinsons Disease. Reports say Lee Iacocca died of natural causes, but that he suffered from complications from Parkinson's Disease. The secret is to live long and enjoy life. 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 1956, he married Mary McCleary for the first time. His extraordinarily successful career served as an inspiration for generations of students. In the 2004 presidential election, however, he endorsed Bush's opponent, Democrat John Kerry. The The late 1980s and early 1990s were not as kind to Iacocca. In 1960, at age thirty-six, he sped into the vice Of Iacocca, it has been said that he was always selling, 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. noted her fathers pride in his lifetime association with Lehigh, both as a student and a philanthropist. Hired as an engineer by the Ford Motor Company, he quickly proved that he was better suited for sales. Lee Iacocca is survived by both Lia and her sister, Kathryn. 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. (takeover) when, for a time, he only accepted one dollar a year from He leaves a strong and enduring legacy at Lehigh.. Iacocca was married to Mary McCleary on September 29, 1956. Talk of 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. American public believed that Japanese cars were superior. His books included Talking Straight (1988; written with Sonny Kleinfield) and Where Have All the Leaders Gone? in need of room and efficiency and revitalize Chrysler. Kathryn and her family currently residen in Laguna Beach, California according to her social media. Chrysler Chairman Lee Iacocca attends the unveiling of the new Mercedes-Benz Maybach 57S at Mercedes Benz of Beverly Hills on October 18, 2005. also earned a reputation as one of the greatest salesmen in U.S. loud and polluting vehicles in crowded urban areas. The Lee A. Iacocca Institute Endowment Fund will be established as a matching gift of $4 million. 1988 presidential preferences showed that the cocky industrialist copies in print by July 1985. After a brief stint in engineering, he asked to be moved to sales and marketing, where his career flourished. Mr Iacocca was married three times. announced his latest venture, E-bikes. 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. According to an obituary, Peggy Johnson Iacocca died in 2000 at the Miami Heart Institute after a heart attack. Iacocca, portrayed by Jon Bernthal, is a major character in the 2019 film Ford v Ferrari, which is a dramatization of the 1960s Ford GT40 program. 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. When it became profitable again in 1992, Mr Iacocca left the firm. Iacocca died onJuly 2, 2019, in Bel Air, California. commercials, and association with the Statue of Liberty, he gained much pay Iaccoca $21 million to settle the lawsuit. [22] Iacocca donated the proceeds of the book's sales to type 1 diabetes research. He was one of the few executives to preside over the operations of two of the United States' Big Three automakers.[2]. New York: Harcourt Brace, 1995. New York: Bantam, 1988. fast pace of sales. DETROIT - Family and friends gathered Wednesday morning to pay tribute to famed auto executive Lee Iacocca. Allentown, Pennsylvania Iacocca was a loyal and active Lehigh alumnus. Part of enjoying life is giving back. The expertise and credibility that the National Academy of Engineering brings to that task stem directly from the abilities, interests, and achievements of our members and international members, our colleagues and friends, whose special gifts we remember in this book. He also served as director of Lehighs Global Village for Future Leaders of Business and Industry. He was courted by the Chrysler Corporation at a time when the company seemed to be on the verge of going out of business and had just sold its loss-making Chrysler Europe division to Peugeot, seeking to generate cash to compensate for huge losses in North America. history's greatest comebacks at Chrysler Corporation. After his success with the improvement of the Chrysler Corporation, then-President Ronald Reagan tapped Iacocca to serve as chairman of the Statue of Liberty-Ellis Island Foundation. Iacocca also convinced company boss Henry Ford II to return to racing, claiming several wins at the Indianapolis 500, NASCAR and the 24 Hours of Le Mans. The Iacocca Family Foundation was founded in honor of Mary McCleary Iacocca and to fulfill Lee Iacocca's promise to his wife - to find a cure for diabetes. [18], In 1995, Iacocca assisted in billionaire Kirk Kerkorian's hostile takeover of Chrysler, which was ultimately unsuccessful. that Iacocca's role as an adviser to Kirk Kerkorian, the investor He sat on the board of the merged company until stepping down in 1999. 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. Other factors no doubt played a role, too. k o k / 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. Iacocca, Lee A. [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. And take it from me, giving back really does make you happy. The 2009 film Watchmen, which is set in an alternative history 1985, took this in a unique direction by showing Iacocca (portrayed by Walter Addison) being assassinated by the film's antagonists, which has been said to have angered Iacocca when he learned about it. "use strict";(function(){var insertion=document.getElementById("citation-access-date");var date=new Date().toLocaleDateString(undefined,{month:"long",day:"numeric",year:"numeric"});insertion.parentElement.replaceChild(document.createTextNode(date),insertion)})(); Subscribe to the Biography newsletter to receive stories about the people who shaped our world and the stories that shaped their lives. In his later years, he enjoyed. In 1996, Fortune Magazine interviewed Lee Iacocca about his life in retirement. During the interview, he said that his children and grandchildren were what gives him the most pleasure these days. He also reflected on how he didnt know how much money to leave for his children when he passes. of business from his father who worked as a cobbler, hot dog restaurant He donated all profits from the company to type 1 diabetes research. Mary met her husband while they worked together at Ford in 1948. Iacocca endorsed New Mexico Governor Bill Richardson for President in the 2008 presidential election. Minneapolis: Dillon Press, 1987. It led the automobile industry in sales for 25 years. Put their passion and ideas to work. Iacocca continued to work 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. 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