International media reported that Lee Iacocca, the executive who helped conceive the iconic Ford Mustang and avoided Chrysler’s bankruptcy, died at his home in Bel-Air (Los Angeles, USA) at age 94 on Tuesday.
He was one of the most recognized industrialists in the automobile business in the United States. He directed the company Ford in 1960 and his management marked a milestone with the arrival of the sporty Mustang (1964), a success in sales.
In 1978 he was fired for differences with Henry Ford II, heir of the family empire. However, his exit took him to the address of Chrysler , a company that helped him out of bankruptcy and that years after his crisis would launch the famous Minivan.
“To save the company, I had to fire some workers, sell our European division and close several plants. And, of course, I had to secure the now famous loan that we received from Congress, which I paid early with interest, “Iacocca said on his website.
The businessman, recognized in the sector for being a great seller and innovator, spent his last years writing his memoirs and consulting, in addition to devoting part of his time to its foundation, the Iacocca Institute.
According to the Washington Post, the businessman died of complications of Parkinson’s disease. He is survived by two children.