| Lee Iacocca, the son of a poor immigrant, has become | | | | Iaccoca, they also announced their worst deficit in |
| oneof America's most respected business men. From | | | | history. |
| lowly beginningsand through many adversities, he | | | | The internal affairs at Chrysler were a mess. This was |
| worked his way up to Presidentof the Chrysler | | | | a companythat was going to the dogs, and going there |
| Corporation. | | | | fast. |
| Just out of college, he began working for the Ford | | | | Rolling up his shirt sleeves, Lee went to work trying to |
| Motor Companyas a student engineer. On the | | | | bringsome manner of cohesion to the upper level |
| assembly line, he learned every aspectof how | | | | management. Then hehired a top notch public relations |
| automobiles were put together. | | | | firm to get back customer confidence. |
| Although he was awkward and bashful, Lee was | | | | Things still didn't get any better. To make matters |
| promoted to asalesman. It was there that he met a | | | | worse, theworld economy in 1979 was falling apart. |
| man who took him under hiswings and taught Iacocca | | | | Gas prices were doublingand the fuel efficient import |
| how to be the best salesman he could. | | | | cars were taking over domestic sales. |
| In 1956 sales were slumping at Ford. Iacocca | | | | Chrysler got hit hard. |
| suggested offeringa new 1956 Ford for a modest | | | | Iaccoca's company was going under and he knew it. |
| down payment, followed by threeyears of $56 | | | | There wasonly 1 course for him to take. He went to |
| payments. The "56 for 56" idea took off like a rocket. | | | | the US Government seekingloans for a bail out. |
| After 10 long years of hard work, Lee had become an | | | | Congress was not impressed, but Lee had donehis |
| "overnightsuccess." | | | | homework. He argued that if Chrysler collapsed it |
| Soon he was promoted to work as manager for | | | | would cost thecountry $2.75 billion dollars alone in |
| Ford's nationaltruck marketing, then another promotion | | | | unemployment benefits. |
| to head the company'scar marketing. | | | | His speech before the US Congress was so |
| Not stopping there, Iacocca set out to develop his own | | | | convincing, that |
| style ofcar. In 1964 Ford introduced the Mustang. Ford | | | | Iacocca and Chrysler got their loans. |
| dealerships wereliterally mobbed with people wanting | | | | In his fight for survival, Lee cut his own salary to $1 a |
| to buy the car and a newyearly sales record was | | | | year. |
| established. | | | | Everybody in management got a salary cut except for |
| In 1970, Lee was promoted to the ultimate position, | | | | the secretaries,who Iaccoca believed deserved every |
| presidentof Ford Motor Company, second in command | | | | cent they made. |
| under Henry Ford II. | | | | Next he took on the union and said: "Look boys, I've |
| Never wanting to stop at success, he kept coming up | | | | got a shotgunto your head. I've got thousands of jobs |
| withinnovative and cost cutting ideas. | | | | at seventeen bucks an hour. |
| But, trouble lay ahead. | | | | I've got no jobs open at twenty." |
| Ford was in control, like it or not, and he liked to | | | | The company began an all-American ad campaign to |
| exercise thatcontrol whatever the consequences | | | | promotetheir new fuel efficient K-car. The car soon |
| might be. Ford began to worry aboutthis "son of an | | | | began to sell like hotcakes. |
| immigrant" taking over the family business. | | | | His persistence and "never give up" attitude and his |
| It was salami slicing time at Ford. And Henry did it one | | | | willingnessto do whatever measures it took to ensure |
| slice ata time. Finally, Lee learned through a friend that | | | | the viability of thecompany worked. Chrysler paid back |
| he too had gotten theaxe. | | | | the loans a full seven yearsahead of their due date. |
| Under the terms of resignation, Iaccoca was given an | | | | Lee Iacocca had become a roaring success. |
| office untilhe found a job. It turned out to be in an | | | | His thoughts are: |
| obscure warehouse. A littlecubicle with a small desk, | | | | "Apply yourself. Get all the education you can, but then, |
| one telephone, and cracked linoleumon the floor. | | | | by God,do something! Don't just stand there, make |
| For Iaccoca it was like being sent to Siberia. | | | | something happen. It isn'teasy, but if you keep your |
| It wasn't long before he was offered the presidency | | | | nose to the grindstone and work at it, it'samazing how |
| of Chrysler | | | | in a free society you can become as great as you |
| Corporation. Not exactly a cushy position. Chrysler | | | | wantto be. And, of course, also be grateful for |
| was in trouble,big trouble. The same day Chrysler | | | | whatever blessings Godbestows on you. |
| announced the hiring of Lee | | | | |