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. Vivienne Westwood Husband Andreas Kronthaler, Francesca Hetfield Metallicas James Hetfields Wife. Lee Iacocca's viewing and burial are in the Detroit area. They were divorced three years later. In the past, she wrote for Batten, Barton, Durstine & Osborne. Politically, Iacocca supported the Republican candidate George W. Bush in the 2000 presidential election. 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. Realizing that the company would go out of business if it did not receive a large infusion of cash, Iacocca approached the United States Congress in 1979 and successfully requested a loan guarantee. 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. It appears that their marriage ended in divorce, as Lia is currently married to Victor Assad. Mary worked as a receptionist at the Ford Motor Companys Philadelphia office. In addition to the $1.5 billion governmental loan he was able to acquire, he also had to close plants and negotiate with labor unions to accept layoffs and wage cuts. In the early 1980s Chrysler issued the K-car and what would later become Iacocca was married to Mary McCleary on September 29, 1956. [43][44] His funeral was held on July 10, 2019, at St. Hugo of the Hills Roman Catholic Church and he was buried at White Chapel Memorial Cemetery in Troy, Michigan. [10], In 1977, there were allegations that the Pinto's structural design allowed its fuel-tank filler neck to break off and the fuel tank to be punctured in a rear-end collision, resulting in deadly fires. He also wrote Talking Straight (1988; coauthored with Sonny Kleinfeld) and Where Have All the Leaders Gone? 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. In an April 2009 Newsweek interview, Iacocca reflected on his time spent at Chrysler and the company's current situation. Four years later in 1994, the two divorced. The site also promotes his book Where Have All the Leaders Gone. [40] The name of the character is his birth name, which was not used in the public sphere due to the trouble of mispronunciation or misspelling. No matter how much of his fortune he decided to leave behind for his daughters and their families, they are undoubtedly well-taken care of, as CelebrityNetWorth.com estimates his net worth was $100 million. One meeting stands out in my mind where he discussed the beginnings of the Iacocca International Internship program, Brandt said. He was named president of Ford in 1970, but his brash, unorthodox manner led to his dismissal in 1978. Talk of Find many great new & used options and get the best deals for Iacocca : An Autobiography by William Novak and Lee Iacocca (1984 paperback) 13B at the best online prices at eBay! Iacocca's second marriage was to Peggy Johnson. In addition, Iacocca, Saturday Evening Post Collectively, Institute programs have alumni in 150 countries. She graduated from Oakland University with a degree in Communications 1986. [3] He was said to have been christened with the unusual name "Lido" because he was conceived during his parents' honeymoon in the Lido district in Venice. It was the best selling non-fiction hardback book of 1984 and 1985. Iacocca subsequently served on the board of several companies, and he was involved in various causes, especially diabetes research. The idea was so successful that the president of Ford decided to use it in national ad campaigns. The Pinto entered production beginning with the 1971 model year. 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 his later years, he enjoyed spending time with his two daughters, Kathryn and Lia, from his first marriage and his grandchildren. Iacocca was a loyal and active Lehigh alumnus. 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. Henry Ford II for reasons Ford never revealed. She was 49. Mini Bio (1) Lee Iacocca was born on October 15, 1924 in Allentown, Pennsylvania, USA. The influential business leader and philanthropist was broadly recognizedas a symbol of American ingenuity and resilience. 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 (1978-92) and chairman of the board (1979-92) of Chrysler Corporation, credited with reviving the foundering company. sought-after engineering trainee job at Ford Motor Company in 1946, but Hired as an engineer by the Ford Motor Company, he quickly proved that he was better suited for sales. He died on July 2, 2019 in Bel-Air, Los Angeles, California, USA. described him as "the sex symbol of America" and paid the government back its loans and Iacocca became a star, a symbol "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. Every day I talk to dealers and managers, who are passionate and full of ideas. At the age of 94, automobile executive Lee Iacocca passed away today, July 2. [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. Kathryn Iacocca who is now married and goes by Kathryn Hentz -is the current president of the Iacocca Family Foundation. He participated in the design of the Ford Mustang, Continental Mark III, and Escort, and the revival of the Mercury brand in the late 1960s. The other three chapters foreshadow current debates about health care, unfair trade practices by other countries, and the reliance of the US economy on financial instruments rather than real goods and services. Six years later, on December 10, 1970, Iacocca was named President of Ford. ", Clayton added: "Lee Iacocca served as an inspirational industry icon for decades, and his name has become synonymous with a legacy built from grit, determination, focus and an unwavering sense of optimism and pride for this country and what we can accomplish. Wives He was first married to Mary McCleary from 1956 until her passing in 1983. 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. Kathi and Lia. 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. to a much lower break-even point; by winning approval of $1.5 billion in Adding to her list of accomplishments, she is also a founding member of the residential development company Kacoon Development Inc. Lia & Kathryn Iacocca, Lees Children: The Automobile Executive Had 2 Daughters, Copyright 2023 Heavy, Inc. All rights reserved. These are the folks on the front lines, and they're the key to survival. In 1983 Chrysler After winning the Wallace Memorial Fellowship at Princeton University, he pursued a master's degree there. He was the father of niche marketing in the automobile industry. 2023 Biography and the Biography logo are registered trademarks of A&E Television Networks, LLC. After losing his first wife in 1983, Iacocca married Peggy Johnson from 1986 to 1987. The Unknown Iacocca. 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. Pocketing an annual salary and bonus of $977,000, the flashy executive By this time, AMC had already finished most of the work on the Jeep Grand Cherokee, which Iacocca wanted. He secured a much His extraordinarily successful career served as an inspiration for generations of students. His financial support, and many others who joined him, allowed that program to become a signature piece of the global footprint of Lehigh University, and so important to hundreds of Lehigh students. While Iacocca gained The car is still on display in Packard Lab. 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. 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. They do have trust funds, but not big ones. Reader's Digest love of the automobile to his son. He is survived by his sister, Delma Kelachava, two daughtersKathryn and Liaand eight grandchildren. By downsizing (to make smaller) expenses 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. Iacocca endorsed New Mexico Governor Bill Richardson for President in the 2008 presidential election. 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. 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. later marriages, to advertising executive Peggy Johnson (1986) and (2007). the best-selling nonfiction hardcover book in history, had two million She was 57. However after 19 monhts of marriage he had it annulled. [28] He started a merchant bank to fund ventures in the gaming industry, which he called "the fastest-growing business in the world". Though Iacocca moved away years ago from the Lehigh Valley, his older sister, Delma Iacocca Kelechava, 97, and other relatives live locally. And, is a member of the Lehigh University Board of Trustees. She was a Pan Am flight attendant and part-time publicist when she met her husband.The two were married April 17, 1986, by Cardinal John OConnor at St. Patricks Cathedral in New York. He married Peggy Johnson in 1986, but the marriage lasted only a year. In 2000, Iacocca founded Olivio Premium Products, which manufactures the Olivio line of food products made from olive oil. Please refer to the appropriate style manual or other sources if you have any questions. Her experience prompted Iacocca to devote much of his own life to supporting diabetes research. In May 1982, President Ronald Reagan appointed Iacocca to head the Statue of Liberty-Ellis Island Foundation, which was created to raise funds for the restoration of the Statue of Liberty and the renovation of Ellis Island. In Ordinary People, a song from Neil Young released in Chrome Dreams II and Bluenote Caf, Lee Iacocca is quoted in the lyrics as a notable representative of the capitalistic world. At one time Iacocca was urged to run for President of the United States, and a number of Ford and Chrysler dealers across the country even provided him with initial funds. . Now in its 23rd year, the program has more than 2,200 alumni representing 140 countries, on all continents. Born: October 15, 1924 She says that her family is her greatest accomplishment; the two have 4 children. as "the living embodiment of the American dream." It was not something he wanted to do, but his choice of tagline for his hopes for the future of the country expressed in one of the chapters of his autobiography Making America Great Againwas remarkably prescient. [31], Iacocca joined the board of restaurant chain Koo Koo Roo in 1995. Born in Allentown, Pa., on Oct. 15, 1924 as the child of Italian immigrants, Iacocca started working at Ford Motor Company in 1946 and is heralded as the leader of the team that. They married on April 17, 1986, but in 1987, after nineteen months, Iacocca had the marriage annulled. He retired from Chrysler in 1992. If they're smart, they'll bring together a consortium of workers, plant managers and dealers to come up with real solutions. "The pride is back." truck group; in 1967, executive vice president; and in 1970, president. Lido Anthony Iacocca was born October 15, 1924, in Allentown, 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. Iacocca. Iacocca grew up in comfortable surroundings learning the nuts and bolts Iacocca pledged to provide up to $5 million in endowment to support a group of international interns each academic year. However, underneath remarkably similar-looking sheetmetal, engines, transmissions, suspensions, bumpers, and interior design were quite different. In the 2004 presidential election, however, he endorsed Bush's opponent, Democrat John Kerry. He is survived by his daughters, Lia Iacocca Assad and Kathryn Iacocca Hentz. 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