The Saga of Lee Iacocca - From Ford to Chrysler
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Case Details:
Case Code : LDEN009
Case Length : 10 Pages
Period : 1924-2001
Pub Date : 2003
Teaching Note :Not Available
Organization : Ford, Chrysler
Industry : Automobile
Countries : USA
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"Iacocca's speeches are often blunt and humorous;
they're always interesting and delivered in a unique style. Iacocca is a master
at turning a phrase. He is one of the best communicators on the American scene."
- Douglas Fraser, President Emeritus, United Auto Workers;
Professor of Labor Studies, Wayne State University.1
"Iacocca was honest, shared the power and glory of
Chrysler's success with the workers and went on to challenge the graduating
seniors. He knew his audience and appealed to them. His integrity and values
came across loud and clear. He gave inspiration to the graduating seniors to get
out there and give it your best shot."
- Stan Kahn.2
Introduction
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In 1982, Lee Iacocca (Iacocca), the then Chairman and CEO of Chrysler was
presented with the 'Automotive Industry Leader of the Year' award.3
This award was instituted for the first time in 1982 and Iacocca became its
first recipient. Soon after in 1984, Iacocca also won the Ralph Coats Roe Medal.
The medal recognized the exceptional contribution of an engineer towards better
public understanding and improving the standard of society. In 1994, Iacocca was
inducted into the coveted 'Automotive Hall of Fame'. The Automotive Hall of Fame
was the highest place of honor accorded to the achievers in the global
automotive industry.
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According to Jeffrey K Leestma,
President of the Automotive Hall of Fame, "The honor is bestowed each year to
the individual who best exemplifies the image, foresight, leadership,
integrity and purpose contributing most to the success of the motor vehicle
industry."4
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These awards and recognitions stand testimony to Iacocca's invaluable
contribution to the automobile industry. In his 32 year stint at the leading
global automobile giant, Ford Motor Company (Ford) and 14 year stint at
Chrysler Corporation (Chrysler), Iacocca played a major role in introducing
several new innovative products.
He transformed Chrysler into one of the leading
automobile manufacturers in the US. Chrysler was facing a severe
financial crisis and was on the brink of closure, but Iacocca
resurrected the company and turned it into a profit making one in a
short span of six years. He was proclaimed as a turnaround specialist,
who saved Chrysler from bankruptcy. |
The Saga of Lee Iacocca - From Ford to Chrysler
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