Lee Iacocca, the man who pulled Chrysler from the brink of bankruptcy in the late 1970s, has died at the age of 94.
He passed away in his Los Angeles home due to complications with Parkinson’s disease
Iacocca introduced longer warranties, lower prices and the world’s first minivan. He’d taken a salary of a dollar at Chrysler, but made millions in stock options.
He persuaded the American government to bail out the company with a billion dollars in federal loans — which he paid back after making the company profitable again.
Before heading to Chrysler, he worked at Ford where he developed the Ford Mustang in the 1960s. A 45th anniversary special edition Mustang produced in 2009 was named for him.
Iacocca retired in the early 1990s.