How much is Lee Iacocca worth?
|Net Worth:||$200 Million|
|Date of Birth:||October 15, 1924|
|Country:||United States of America|
About Lee Iacocca
Lee Iacocca, whose full name is Lido Anthony Iaccoca, was an American automobile executive, author, businessman, and philanthropist. He gained popularity in the 1960s when he developed the Ford Mustang and Pinto cars. Besides being one of the executives and influential figures at the Ford Motor Company, he also worked for the Chrysler Corporations as its CEO during the 1980s, which he quickly revived.
How did Lee Iacocca earn his net worth?
What made this philanthropist so rich was his passion for automobiles. The summer of 1946 officially marked the career of Lee who after a short stint in engineer was moved to sales and marketing. He flourished in that field and was promoted to the assistant sales manager in the Philadelphia district, earning more than $95.000 annually. The following decade, he gained popularity with his loans on the 1956 model year cars, the so-called “56 for 56” campaign, thanks to which he began earning nearly $300.000.
Towards the 1960s, he began participating in the creation of the design for many successful Ford automobiles such as the Ford Escort, Continental Mark III, and most notably the Ford Mustang, as well as the revived Mercury brand. It took him less than a decade to become the president of the Ford Motor Company. During his time as the lead in a charge, the company had a profit of $2 billion per year and Lee himself was earning more than $50 million. In the late 1960s, specifically in 1968, with the drive to have domestically produced, small and fuel-efficient vehicles, he came up with the idea for Ford Pinto. The model not only became a fan favorite but boosted the overall sales and popularity of the Ford Company even further.
Why is he so famous?
Being an executive of the Big Three automakers and developing Ford cars are just some of the reasons why Lee Iaccoca is famous. He was born on October 15, 1924, in Allentown, Pennsylvania. He’s the only child of Nicola and Antonietta Perrotta, Italian Americans who were born in San Marco Dei Cavoti, Benevento. His parents immigrated to Pennsylvania during the 1910s just before he was born. He attended the Allentown High School, from which he graduated with honors in 1942.
Towards the mid-1940s he enrolled at the Lehigh University and became a member of the Tau Beta Pi sorority. He graduated from the university in 1945 with a degree in industrial engineering. His studying continued one more year when he won a Wallace Memorial Fellowship that earned him a spot at the Princeton University. He graduated from the university in 1946 with a master’s degree in politics and plastics. Immediately after that, in August, he joined the Ford Motor Company and began working as an engineer.
What makes him so successful?
Being an author and businessman helped Lee Iacocca find success during his career. Shortly after his shocking firing in July 1978 by Henry Ford II, he focused his attention on the Chrysler Corporation. In the early 1980s, when he began working for the corporation as its CEO, he made significant changes that helped the company remain in business after its loss-making Chrysler Europe division. He remained with the company as its CEO, chairman, and president until late 1992, when he announced his retirement.
Three years later, Lee returned to Chrysler and assisted the billionaire Kirk Kerkorian, who unsuccessfully tried to take over the company. Around the same time, Iacocca focused his attention on other business ventures and books. The first of three books he (co-)authored is an autobiography titled “Iacocca: An Autobiography”, released in 1984. During his illustrious career, the popular businessman had other professions as well. In 1991, he partnered with the producer Pierre Cossette for the production of “The Will Rogers Follies”. He also founded Olivio Premium Productions in 1993, joined the board of restaurant chains “Koo Koo Roo” in 1995, and became the president of EV Global Motors in 1999.
Lee Iacocca remains one of the most prominent names in the automobile world. He gained popularity after the development of Ford Mustang and Pinto while reviving and running the multi-million worth Chrystler Corporations. During his career, which spanned over five decades, the businessman and philanthropist had a net worth of $200 million. Prior to his passing in July 2019, thanks to his wealth and contribution, he was named the 18th greatest American CEO of all time.