Lee Iacocca

Iacocca, Lee (1924– ), U.S. businessman and automobile executive; chairman and chief executive of the Chrysler Corporation. Originally an engineer and salesman with the Ford Motor Company, he rose to vice president and helped develop the Ford Mustang, a popular sports car. Beginning in 1970, he served as Ford's president, until a disagreement with Henry Ford II caused Iacocca to join the Chrysler Corporation in 1978. In 1980 he secured a U.S. government guarantee for $1.5 billion in private loans, a move that saved Chrysler from bankruptcy. The loans were repaid in 1983.