Lee Iacocca, developer of the Ford Mustang and Pinto, dead at 94

Lee Iacocca Dead at 94

Lee Iacocca, auto industry leader, dead at 94

Iacocca is credited with launching the Mustang at Ford and saving Chrysler from bankruptcy by persuading U.S. Congress in 1980 to approve federal loan guarantees of up to $1.5 billion. He steered Chrysler's 1987 acquisition of American Motors Corp., with its Jeep franchise.

Iacocca first came to prominence when, at 36, he was named general manager of the Ford division in 1960. During his tenure, he championed the highly successful Mustang but clashed with Ford chief Henry Ford II, who fired him in 1978 after 32 years with the company.

At Chrysler, he was behind the $1.5 billion loan from the government to keep the company alive in the late 1970s, introducing the minivan and paying back the aforementioned loan seven years early.

Iacocca was widely reckoned as instrumental in the creation of Ford Mustang GT (Grand Tourisimo) and the Chrysler minivan.

Eish! Freak hailstorm engulfs Mexican city
The governor of Jalisco state, where Guadalajara is located, said he witnessed deposits of hail that were one meter deep. The build-up was up to five foot (1.5m) thick in parts, with the tops of vehicles just peeping above the ice.

Known for developing the iconic Ford Mustang and pulling Chrysler back from the brink of bankruptcy, Iacocca died yesterday from complications of Parkinson's disease. The fact the Mustang lives on - surviving the nearly entire SUV takeover of Ford's USA range - suggests his team absolutely nailed it. In others, he would end with a challenge: "If you can find a better auto, buy it".

Born to Italian immigrant parents in Allentown, Pennsylvania in 1924, Mr Iacocca began his career as an engineer at the Ford Motor Company in 1946, before later moving into sales.

Iacocca got the last laugh. He was strongly courted by Chrysler, and he helped cement its turnaround.

Iacocca was a master pitchman.

Rahul Gandhi quits as Congress president
Soon after Rahul Gandhi announced that he was no longer the Congress chief, party General Secretary, Organisation, K.C. Rahul Gandhi officially stepped down as Congress President on July 3, sharing his resignation letter on Twitter.

Chrysler wasn't faring well. His "Iacocca: An Autobiography", released in 1984, and his "Talking Straight", released in 1988, were best-sellers.

"It had to be a sports vehicle but more than a sports auto", Iacocca wrote in his memoir.

"And I said, 'Tip, what do you think about me running for President?'" Iacocca recalled to "Sunday Morning" in 2007. "And in the auto business, product comes first and product is what brought us back to prosperity". In a 2009 interview with The Associated Press, he urged Chrysler executives to "take care of our customers".

Outside of motoring, Iacocca was a flagbearer for the 1982 restoration of New York's Statue of Liberty and a campaigner for diabetes awareness following the death of his wife Mary, a sufferer of the disease, in 1983. The couple had two daughters, Kathryn and Lia.

'Confiance sans précédent' entre les USA et la Corée du Nord - KCNA
Deux leaders immatures qui gèrent les affaires du monde comme un jeu de cour de récréation. Bush et Barack Obama s'étaient contentés d'une visite dans la zone démilitarisée.

Latest News