Lee Iacocca was born in Allentown, Pennsylvania, on October 15, 1924, to Nicola Iacocca and Antonietta Perrotta, Italian Americans from San Marco dei Cavoti, who settled in the…
Lee Iacocca was born in Allentown, Pennsylvania, on October 15, 1924, to Nicola Iacocca and Antonietta Perrotta, Italian Americans from San Marco dei Cavoti, who settled in the steel-producing region of the Lehigh Valley in eastern Pennsylvania. ◦
He joined Ford in 1946 as an engineer, then transitioned to sales and marketing; he was named vice-president and general manager of the Ford Division on November 10, 1960, and became president of Ford on December 10, 1970. ◦
He participated in the design of several successful Ford automobiles, most notably the Ford Mustang. ◦
On July 13, 1978, he was fired from Ford, even though the company posted a $2 billion profit for the year. ◦
Iacocca became president of Chrysler on November 2, 1978, and chairman and CEO on September 20, 1979. ◦
In May 1982, President Ronald Reagan appointed Iacocca to head the Statue of Liberty-Ellis Island Foundation, responsible for the centennial restoration of the Statue, the reopening of Ellis Island as a museum, and the creation of the new Statue of Liberty Museum. ◦
In his 2007 book, *Where Have All the Leaders Gone?*, Iacocca described how he considered running for president in 1988 and was in the planning stages of a campaign with the slogan "I Like I," before ultimately being talked out of it by his friend Tip O'Neill. ◦
Iacocca's 1984 autobiography, co-written with William Novak, became the best-selling non-fiction hardback book of 1984 and 1985. ◦
He died on July 2, 2019, at age 94 from complications of Parkinson's disease at his home in Bel Air. ◦
Iacocca believed that "In the end, all business operations can be reduced to three words: people, product, and profits. People come first. Unless you've got a good team, you can't do much with the other two." ◦
He emphasized that "If I had to sum up in one word the qualities that make a good manager, I'd say that it all comes down to decisiveness." ◦
He held that "Leadership means setting an example. When you find yourself in a position of leadership, people follow your every move." ◦
He maintained that "The discipline of writing something down is the first step toward making it happen." ◦
He valued action over inaction, stating that "So what do we do? Anything. Something. So long as we just don't sit there. If we screw it up, start over. Try something else." ◦
He urged, "Apply yourself. Get all the education you can, but then, by God, do something." ◦
He viewed management as fundamentally about human motivation, saying that "Management is nothing more than motivating other people." ◦
He argued that leaders should "Start with good people, lay out the rules, communicate with your employees, motivate them and reward them." ◦
He believed that "In times of great stress or adversity, it's always best to keep busy, to plow your anger and your energy into something positive." ◦
He stressed that "The ability to concentrate and to use time well is everything. If you want to make good use of your time, you've got to know what's most important." ◦
Iacocca prioritized decisiveness, noting that "If I had to sum up in one word the qualities that make a good manager, I'd say that it all comes down to decisiveness." ◦
He favored committing plans to writing, stating that "The discipline of writing something down is the first step toward making it happen." ◦
He preferred action to inaction, declaring that "So what do we do? Anything. Something. So long as we just don't sit there. If we screw it up, start over. Try something else." ◦
He relied on time-concentration and priority ranking, asserting that "The ability to concentrate and to use time well is everything. If you want to make good use of your time, you've got to know what's most important." ◦
He demonstrated willingness to seek extraordinary assistance when necessary, as Chrysler approached the United States Congress in 1979 and requested a loan guarantee, which Iacocca successfully obtained. ◦
He structured business around a hierarchy of people, product, and profits, stating that "In the end, all business operations can be reduced to three words: people, product, and profits. People come first. Unless you've got a good team, you can't do much with the other two." ◦
He reduced management to motivation, saying that "Management is nothing more than motivating other people." ◦
He outlined a people-system model: "Start with good people, lay out the rules, communicate with your employees, motivate them and reward them." ◦
He treated writing as a precursor to execution, holding that "The discipline of writing something down is the first step toward making it happen." ◦
He viewed time and concentration as the critical resource, arguing that "The ability to concentrate and to use time well is everything. If you want to make good use of your time, you've got to know what's most important." ◦
He modeled leadership as exemplification, stating that "Leadership means setting an example. When you find yourself in a position of leadership, people follow your every move." ◦
Iacocca joined Ford in 1946 as an engineer, then transitioned to sales and marketing. ◦
He participated in the design of several successful Ford automobiles, most notably the Ford Mustang. ◦
He was characterized as the "moving force" behind the Ford Pinto's development. ◦
At Chrysler, because of the K-cars and minivans, along with the reforms he implemented, the company turned around quickly and was able to repay the government-backed loans seven years earlier than expected. ◦
He led the Statue of Liberty-Ellis Island Foundation, responsible for the centennial restoration of the Statue, the reopening of Ellis Island as a museum, and the creation of the new Statue of Liberty Museum. ◦
He co-wrote his 1984 autobiography with William Novak, which became the best-selling non-fiction hardback book of 1984 and 1985. ◦
Iacocca appeared in a series of Chrysler commercials throughout the 1980s, employing the ad campaign "The pride is back," and voiced what became his trademark phrase: "If you can find a better car, buy it." ◦
He insisted that "You can have brilliant ideas, but if you can't get them across, your ideas won't get you anywhere." ◦
He argued that "It's important to talk to people in their own language." ◦
He advocated that leaders should "Start with good people, lay out the rules, communicate with your employees, motivate them and reward them." ◦
He was fired from Ford on July 13, 1978, even though the company posted a $2 billion profit for the year. ◦
He was characterized as the "moving force" behind the Ford Pinto's development, and in 1977 there were allegations that the Pinto's structural design allowed its fuel tank to be punctured in a rear-end collision, resulting in deadly fires, leading to a recall of all 1971-76 Pintos in 1978. ◦
He participated in the design of several successful Ford automobiles, most notably the Ford Mustang. ◦
At Chrysler, because of the K-cars and minivans, along with the reforms he implemented, the company turned around quickly and was able to repay the government-backed loans seven years earlier than expected. ◦
He considered running for president in 1988 and was in the planning stages of a campaign with the slogan "I Like I," before ultimately being talked out of it by his friend Tip O'Neill. ◦
He advised to "talk to people in their own language." ◦
He recommended to "Start with good people, lay out the rules, communicate with your employees, motivate them and reward them." ◦
He counseled that "In times of great stress or adversity, it's always best to keep busy, to plow your anger and your energy into something positive." ◦
He urged, "Apply yourself. Get all the education you can, but then, by God, do something." ◦