Ijaw Dictionary Online

How Automobiles Work


 American auto industry tycoon Lee Iacocca — known for helping develop the Ford Mustang, saving Chrysler and raising money to restore the Statue of Liberty — died early Tuesday at his California home  He was 94.  Iacocca began his career at Ford as a 22-year-old in 1946, and eventually rose to president by 1970 His most notable feat at the auto giant was spearheading the successful release of the Ford Mustang, one of the company’s most instantly recognizable cars  Following his tenure at Ford, Iacocca joined Chrysler, where he’s credited with rescuing the company from bankruptcy after he convinced Congress in 1979 to bail out the automaker  During his time as CEO, he assumed a more public role, appearing in a series of brutally honest commercials that admitted the company’s past struggles, but promised future success  In one 1984 ad, Iacocca said Chrysler had been “kicked in the head,” referring to the automaker’s near financial collapse  At the end of the same ad, Iacocca struck a different tone, declaring “I have one and only one ambition for Chrysler To be the best, what else is there?”  Iacocca, who was born in Allentown, Pa., retired from Chrysler in 1992  Aside from his work in the car industry, the auto maven was appointed by President Ronald Reagan in 1982 as chairman of the Statue of Liberty-Ellis Island Foundation, which raised hundreds of millions of dollars to restore the Statue of Liberty and Ellis Island  With Post wires

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