Lee Iacocca Net Worth At Death
Lee Iacocca had an estimated net worth of $150 Million at death. American auto executive Lee Iacocca became a national celebrity for steering the Chrysler Corporation away from bankruptcy toward record profits in the 1980s. He earned the majority of his income from Ford and Chrysler.
In 1946, Lee Iacocca joined Ford Motor Company. He rose quickly through the ranks, eventually becoming President of Ford in 1970. Despite being fired by Henry Ford II in 1978, Iacocca was quickly hired by the nearly bankrupt Chrysler Corporation. Within a few years, Chrysler was turning a profit, and Iacocca had become a national celebrity. He left Chrysler in 1992 but returned in 2005 for an ad campaign.
To calculate the net worth of Lee Iacocca, subtract all his liabilities from his total assets. Investments, savings, cash deposits, and any equity he has in a house, car, or other similar asset are included in the total assets. All debts, such as loans and personal debt, are included in total liabilities.
Here’s the breakdown of his net worth:
|Net Worth:||$150 Million|
|Monthly Salary:||$1 Million+|
|Annual Income:||$10 Million+|
|Source of Wealth:||Businessperson|
Lido Anthony Iacocca, better known as Lee Iacocca, was born on October 15, 1924, in Allentown, Pennsylvania, to Italian immigrants Nicola and Antonietta. As a child, Iacocca contracted rheumatic fever, which rendered him medically unfit for military service during World War II. He was an undergraduate at Lehigh University during the war. Princeton University then awarded him a master’s degree in engineering.
Climbing the Ranks at Ford and the Mustang
In 1946, Iacocca’s engineering degree landed him a job at Ford Motor Company. He quickly left engineering to work in sales, where he excelled, and then in product development. Iacocca rose through the ranks at Ford, eventually becoming vice president and general manager of the Ford division in 1960. Iacocca was instrumental in bringing the iconic Mustang — an affordable, stylish sports car — to the market in 1964.
Iacocca became Ford’s president in 1970. However, the forthright Iacocca clashed with Henry Ford II, the Ford family’s scion and the automaker’s chairman. Because of their strained relationship, Ford fired Iacocca in 1978.
A few months after leaving Ford, Iacocca was hired to lead the Chrysler Corporation, which was in financial trouble and on the verge of bankruptcy at the time. Under Iacocca’s leadership, Chrysler received $1.5 billion in federal loan guarantees, the largest amount of government assistance ever given to a private company. This provided Iacocca with the breathing space he required to revamp and streamline operations.
The popular minivan was added to the Chrysler vehicle lineup during Iacocca’s tenure. Iacocca also appeared in television commercials, promising anyone who test drove a Chrysler $50 if they ended up purchasing a similar car from a competitor. The company turned a profit in 1981 and paid off its government loans years ahead of schedule in 1983. Chrysler earned more than $2.4 billion in 1984, a record for the company.
Iacocca became a national celebrity after successfully reviving Chrysler. President Ronald Reagan requested that he assist in the coordination of fundraising efforts for the restoration of Ellis Island and the Statue of Liberty. Iacocca’s 1984 autobiography, Iacocca, and Talking Straight (1988), both became best-sellers. He even appeared on the popular 1980s television show Miami Vice.
Life After Chrysler
In 1992, Iacocca left Chrysler. He was then able to devote more time to the Iacocca Family Foundation, a charity that supports diabetes research (Iacocca’s first wife, Mary, had diabetes and died as a result of diabetes complications).
In the mid-1990s, Iacocca collaborated with Kirk Kerkorian on an attempted hostile takeover of Chrysler.
Despite the failed takeover attempt, Iacocca returned to Chrysler as a pitchman in 2005, appearing in commercials alongside Jason Alexander and Snoop Dogg. The proceeds from the commercials were donated to Iacocca’s foundation. He remained a supporter of the American auto industry, despite the fact that his dissatisfaction with both public and private leadership was the subject of his third book, Where Have All the Leaders Gone? (2007).
Spouses and Family
Iacocca married Peggy Johnson from 1986 to 1987 after his first wife died in 1983. From 1991 to 1994, he was married to Darrien Earle for a short time. In his later years, he enjoyed spending time with his two daughters from his first marriage, Kathryn and Lia, as well as his grandchildren.
On July 2, 2019, Iacocca died in Bel Air, California.
Lessons From Lee Iacocca
Being prepared to take big, bold steps was the key to Iacocca’s success in saving Chrysler. His insight was one that few people accept: in drastic situations, sometimes only the most drastic solutions will do.
- If a key customer is unprofitable and will not accept poorer terms, stop doing business with them.
- Consider pulling out of less profitable markets if you are making 80 percent of your profit from 20 percent of your customers.
- Swiftly move out a team member who is underperforming; it’s in their interests as well as the company’s.
Favorite Lee Iacocca Quotes
In times of great stress or adversity, it’s always best to keep busy, to plow your anger and your energy into something positive.
Management is nothing more than motivating other people.
You can have brilliant ideas, but if you can’t get them across, your ideas won’t get you anywhere.
The only rock I know that stays steady, the only institution I know that works, is the family.
View our larger collection of the best Lee Iacocca quotes.
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