Lee Iacocca Net Worth 2017: Short Bio & Wiki

How rich is Lee Iacocca?

Lee Iacocca net worth is
$100 Million

Lido Anthony Iacocca's salary (annual):
$1

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Lee Iacocca Net Worth, Biography & Wiki 2017

Lido Anthony “Lee” Iacocca is an automobile executive born on 15th of October 1924 in Allenton, Pennsylvania USA, who is probably best known for leading the design of Ford Mustang and Pinto cars during the 1960s, and later for reviving the Chrysler Corporation as its CEO during the 1980s.

Have you ever wondered how rich Lee Iacocca is? According to sources it has been estimated that Lee Iacocca’s overall net worth is $100 million, as of mid-2016. Iacocca accumulated his wealth primarily as the Ford company president, and later as the CEO and chairman of the Chrysler Corporation. He is one of the most successful businessmen in the automobile industry, a title which his net worth proves.

Lee Iacocca Net Worth $100 Million

Lee was born to Italian immigrants, and due to health problems caused by rheumatic fever during his childhood, he was unfit for military service in World War II, so during the war he attended Lehigh University as an undergraduate and later received a master’s degree in engineering from Princeton University. His degree helped earn him a job at the Ford Motor Company in 1946, where he started by excelling in engineering, and later transferred to work in product development. Iacocca managed to advance in the company, eventually becoming the vice-president and general manager of the Ford division by 1960. One of his most significant achievements was bringing Mustang to the market in 1964. Lee became Ford’s president in 1970, but due to disagreements with Henry Ford II, the chairman of the company, he was fired eight years later in 1978. Regardless, he had established a solid base to his net worth.

A few months later, due to his experience, Iacocca was hired to head the Chrysler Corporation, which was in danger of bankruptcy at the time. It was under his leadership that Chrysler received $1.5 billion in federal loan guarantees which, at the time, was the largest amount of government assistance ever to be received by a private company. Lee added the popular minivan to the Chrysler vehicle lineup, while serving as a spokesman in television ads which skillfully promoted the company. By 1981, the Chrysler Company had edged into profitability, and repaid its loans two years later. Thanks to Iacocca’s tenure, Chrysler made more than $2.4 billion in 1984, which was a record for the corporation. His success in reviving Chrysler made him a national celebrity, and even president Ronald Reagan asked him to help co-ordinate fund-raising for the renovation of the Statue of Liberty.

Lee retired from Chrysler in 1992, and was then able to devote himself to The Iacocca Foundation which supports diabetes research, established following his first wife’s suffering and death from the disease.

He again appeared in Chrysler’s ads in 2005 with Jason Alexander and Snoop Dogg, sending the profit he earned to his foundation. Lee is still a supporter of the US car industry, although his frustration with public and private leadership led to him writing the book called “Where Have All the Leaders Gone?” in 2007. Two other books that he previously wrote, his autobiography “Iacocca”(1984) and “Talking Straght”(1988) both became best-sellers, adding to his net worth.

When it comes to his private life, Iacocca lost his first wife, Mary in 1983, and has married twice since then, to Peggy Johnson (1986-87) and Darrien Earle (1991-94). He has two daughters from his first marriage.

Quick Facts

Birth date: October 15, 1924
Birth place: Allentown, Pennsylvania, United States
Profession:Businessperson
Education:William Allen High School, Lehigh University, Princeton University
Nationality:American
Spouse:Darrien Earle (m. 1991–1994), Peggy Johnson (m. 1986–1987), Mary McCleary (m. 1956–1983)
Children:Kathryn Iacocca, Lia Iococca
Parents:Antonietta Perrotta, Nicola Iacocca
Siblings:Delma Iococca
imdb.com/name/nm2058120/
en.wikipedia.org/wiki/Lee_Iacocca


Interesting Facts

#Fact
1Release of his book, "Talking Straight" by Lee with Sonny Kleinfield.
2Release of his book, "Where Have All the Leaders Gone?" by Lee with Catherine Whitney.
3Release of his book, "Iacocca: An Autobiography" by Lee with William Novak.
4Inducted into the Automotive Hall of Fame in 1994.
5While Iacocca is rightly famous for developing the Ford Mustang, which turned out to be one of Ford's best cars, it must be remembered that he was also in charge of developing the Pinto, which turned out to be one of Ford's worst.
6Member of Theta Chi Fraternity (Beta Sigma Chapter, Lehigh University)
7Though often called "The Father of the Mustang", his role was more supportive. in 1961 the idea that became the Ford Mustang was developed by Don Frey, and the design came from the Ford studio under Joe Oros, Gale Halderman and L. David Ash. They pitched the idea to Lee, who was the General Manager of Ford Motor Co.'s Ford Division at the time, and gave the the go-ahead to do it. There was still one problem: the project was to be done in relative secrecy. They still needed Henry Ford II's approval. Lee approached him with this idea of a "Youth Car" but Henry was skeptical because the Edsel disaster of 1958-1960 was still fresh in his memory and he didn't want a repeat of that fiasco. Lee assured Ford that he could sell 100,000 of the Mustang in its first year. Henry reluctantly gave his approval. The story goes that when Lee got up to leave Henry's office, Henry stopped him and asked, "Are you absolutely sure you can sell 100,000 of these things?" Lee looked him in the eye and said, "Yes." Henry said, "You better!" As it turned out 681,551 1964 1/2-1965 Mustangs were sold, shattering all quarterly and first-year model sales records, an accomplishment that still stands.
8Satisfied the Ford Thunderbird no longer needed a sporting image, Lee was looking for a replacement for the Thunderbird convertible. Stylist Bill Boyer said when Lee saw an artist's rendition of a four door Thunderbird, he stared at the picture while rolling his cigar in his mouth and said "That's the replacement for the convertible!" The four door Thunderbirds were built from 1967-1971.
9In 1979 he went to the administration of President Jimmy Carter to seek government loans to bail out Chrysler Corp., something that had never been done for a big company before. He was granted the loans because it was felt that if a major corporation like Chrysler failed, thousands upon thousands of Chrysler employees would lose their jobs and the ripple effect of a company that big closing down could cause possibly hundreds of thousands more job losses (it was also noted that it could be used politically to hammer the Carter administration by the Republicans in the 1980 elections). Lee used the money to develop the K-cars. Many auto enthusiasts believe that the fact that Iacocca could convince the public to buy those poorly made, underpowered and underwhelming cars is a testimony to what a great salesman he really is.


Quotes

#Quote
1[on action] Action should not be confused with haste.


Pictures



Filmography

Actor

Actor

TitleYearStatusCharacter
Miami Vice1986TV SeriesPark Commissioner Lido

Self

Self

TitleYearStatusCharacter
Reagan2011DocumentaryHimself - President, Chrysler Corporation
The Snake and the Stallion2002TV MovieHimself
Late Show with David Letterman1999TV SeriesHimself
60 Minutes Wednesday1999TV Series documentaryHimself - Former President, Ford Motor Company
Italians in America1998TV Movie documentaryHimself
Late Night with David Letterman1993TV SeriesHimself
Liberty Weekend1986TV Special documentaryHimself
NBC Reports: Iacocca - An American Profile1984TV Movie documentaryHimself

Archive Footage

Archive Footage

TitleYearStatusCharacter
The '80s: The Decade That Made Us2013TV Mini-Series documentaryHimself - CEO: Chrysler

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