Lido Anthony "Lee" Iacocca (born October 15, 1924) is an American businessman known for his revival of the Chrysler Corporation in the 1980s, serving as President and CEO from 1978 and additionally as chairman from 1979, until his retirement at the end of 1992. Lee is one of the most famous business people in the world.
Lee says there is one word that describes a good manager, and it is DECISIVENESS. You have to think on your feet. Lee Iacocca brought in many new in management.
At Ford Motor Company
Joining Ford as an engineering trainee in 1946, Iacocca soon entered the fast pace of sales. In 1960, at age thirty-six, he sped into the vice presidency and general managership of the company's most important unit, Ford Division. In 1964, with others on his staff, he launched the Ford Mustang, which, thanks to brilliant styling and marketing, introduced a new wave of sports cars, set a first-year sales record for any model, gave its name to a generation, and landed its creator's picture on the covers of Time and Newsweek.
In 1960 Iacocca was named Ford's vice president of the car and truck group; in 1967, executive vice president; and in 1970, president. Pocketing an annual salary and bonus of $977,000, the flashy executive also earned a reputation as one of the greatest salesmen in U.S. history. Of Iacocca, it has been said that he was always selling, whether products, ideas—or himself.
From Ford to Chrysler
Iacocca was let go from Ford Motor Company in June 1978 by Chairman Henry Ford II for reasons Ford never revealed. Though bitter at being dismissed from Ford, Iacocca was not out of the car business for long. Five months after his dismissal, Iacocca was named president of Chrysler (becoming chairman in 1979) and began transforming the number three automaker from a sluggish moneymaker into a highly profitable business.
How was Chrysler turned around? By downsizing (to make smaller) expenses to a much lower break-even point; by winning approval of $1.5 billion in federal loan guarantees; by selling off profitable units such as the tank division; and by introducing timely products. In addition, Chrysler welcomed, for the first time in U.S. corporate history, a union president to a board of directors. In 1984 the company posted profits of $2.4 billion (higher than in the previous sixty years combined), and in 1985 it bought Gulf-stream Aerospace Corporation for $637 million and E. F. Hutton Credit Corporation for $125 million.
In the early 1980s Chrysler issued the K-car and what would later become its best seller—the minivan. Just as the Mustang reestablished the sports car for Ford, the minivan would be loved by the young family in need of room and efficiency and revitalize Chrysler. In 1983 Chrysler paid the government back its loans and Iacocca became a star, a symbol of success and the achievement of the American dream.
Along with spearheading Chrysler's rise, Iacocca took leadership roles in many noteworthy causes, most notably the chairmanship of the President's Statue of Liberty-Ellis Island Centennial Commission, which was set up to raise funds for and to oversee restoration of the two monuments in New York City. While Iacocca gained a worldwide reputation through business leadership, television commercials, and association with the Statue of Liberty, he gained much additional exposure through his 1984 autobiography (a book written by someone about their life). Iacocca: An Autobiography, the best-selling nonfiction hardcover book in history, had two million copies in print by July 1985.
Lee Iacocca’s “Nine Cs of Leadership”
- Curiosity
- Creativity
- Communication
- Character
- Courage
- Conviction
- Charisma
- Competence
- Common Sense
If you are interested to read more about 9 C's by Lee or just interested to read some more about Lee, here is where (interestingly enough he also has a blog):
http://en.wikipedia.org/wiki/Lee_Iacocca
http://leeiacocca.blogspot.com/
http://www.northeasternconsulting.com/mainsite/casestudies/files/block_0/Leadership_Briefs09.pdf
http://www.brainyquote.com/quotes/authors/l/lee_iacocca.html
http://www.examiner.com/business-in-national/lee-iacocca-the-man-who-saved-chrysler-and-made-300-million-for-the-government
No comments:
Post a Comment