One of the reasons I chose Lee Iacocca as my leader was that he was a hard working, successful entrepreneur, who overcame many obstacles. Born to an Italian immigrant couple, Lido (Lee) was raised during the great depression. He was born in 1924 in the nearby city of Allentown, Pennsylvania. Modeling after his parents hard work, he was only 10 years old when he started his first business. He took his wagon to a nearby grocery store, waiting to assist people with their purchases. At 16 years old, he worked double shifts at a fruit market. At this young age, he learned about ethnic discrimination. He was often picked on for being Italian (Cummings, 2005).
Later in life, he was disqualified from entering the military because of a childhood illness. He went on to attend and graduate from Lehigh University with a degree in engineering. He received his graduate degree from Princeton University. Lee landed a job at Ford Motor Company. He quickly became assistant sale manager because of a deal he created for the company. The "56 for 56" deal made his reputation in the motor industry.This deal made it possible to pay 56 dollars a month for a 1956 Ford (SilkeCarty,2005). Buyers saw this as an appealing deal. Lee was always thinking as a leader by constantly keeping up with the needs of the people and reinventing his company.
After an argument at Ford, Lee was fired and went on to be the President of the Chrysler Corporation. This was a huge undertaking, since the company was in debt. He persuaded employees to work for less money, while he reduced his own salary to a dollar. He asked for government assistance, knowing that without it, the entire economy would suffer. Congress finally agreed to back him with the much needed funding. Lee rebuilt Chrysler with the success of his K-car (Cummings, 2005). Lee Iacocca continues to be a powerful leader in the fight for curing Diabetes (SilkeCarty, 2005).
Cummings, Kathleen (2005).Chapter one:early years. Lee Iacocca. 1-1.
SilkeCarty, Sharon (2005).Iacocca does ad to aid battle against Diabetes. USA Today.
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Donna,
ReplyDeleteAlthough I know a bit about Lee Iococca, I do not know nearly enough. In these difficult times when the auto industry is on the verge of going under, it seems as though the current CEOs should follow in Mr. Iococca's footsteps. They certainly have enough money stockpiled that they should be able to go without for the sake of the company and the industry. I am very excited to learn more about Lee Iacocca in your posts.
Hi Donna,
ReplyDeleteIsn't it amazing that Iococca would reduce his salary to $1 a year in light of today's CEO's who take bonus amounts in the millions of dollars all the while taking taxpayer money to bail out their companies and banks.The word integrity comes to mind. Bennis states that integrity is the most important characteristic of a leader.Perhaps all CEO's should read him!
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ReplyDeleteDonna,
ReplyDeleteI did not know much about Iococca before your introduction of him. It appears that he was a transformational leader who believed in adapting his leadership strategy for the situation at hand. Bennis states that being able to be flexible as a leader is a very strong quality to possess. I too want to be open and able to make quick adaptations in order to be a good leader. I hope to learn more about Iococca through your postings and add him to my long list of leaders to learn from.