Lee Iacocca Net Worth 2024

What was Lee Iacocca’s Net Worth and Salary?

Lee Iacocca was an American businessman and philanthropist who had a net worth of $150 million on the time of his dying in 2019. Lee Iacocca was finest identified for serving to to develop the Ford Mustang, Ford Pinto, and Continental Mark III automobiles within the 60s on the Ford Motor Company. After clashing with Henry Ford II, Lee was fired in 1978. He later turned president and CEO of the Chrysler Corporation, which he helped to revive within the 80s. Among his different endeavors, Iacocca co-authored books, based an electrical bike firm, and did philanthropic work. He retired in 1992 and spent the subsequent a number of many years centered on writing, philanthropy, and politics. Lee Iacocca died on July 2, 2019 on the age of 94.

Lee Iacocca Salary and Compensation

Lee Iacocca was additionally well-known for being one of many first CEOs to take simply $1 a 12 months in wage in alternate for a better fairness compensation. In 1983 he requested the board of Chrysler to present him $1 in wage and 337,500 shares which might vest over three years. At the time these shares have been granted, they have been price $4.2 million. Three years later after Chrysler made an enormous turnaround, the shares had tripled in worth. By the time he exercised previously-granted shares, Lee’s total 1986 compensation was $20,577,491. That’s the identical as incomes round $45 million right now after adjusting for inflation. In the identical 12 months, the CEO of Ford earned $4 million in complete compensation and the CEO of GM earned $1.5 million.

Early Life and Education

Lee Iacocca was born as Lido Anthony Iacocca on October 15, 1924 in Allentown, Pennsylvania to Italian-American mother and father Antonietta and Nicola. His family operated the restaurant Yocco’s Hot Dogs within the Lehigh Valley. Iacocca was educated at Allen High School, from which he graduated in 1942. He went on to attend Lehigh University, graduating with a bachelor’s diploma in industrial engineering. Iacocca subsequently obtained a grasp’s diploma in mechanical engineering from Princeton University in 1946.

Ford Motor Company

After graduating from Princeton, Iacocca joined the Ford Motor Company as an engineer. He was quickly moved to gross sales and advertising and marketing, the place his profession took off. Specifically, he got here to nationwide consideration for his “56 for ’56” marketing campaign, which provided loans on 1956 mannequin 12 months vehicles with a 20% down fee and $56 in month-to-month funds for 3 years. Moving up the company ranks, Iacocca was appointed vice chairman and normal supervisor of Ford in late 1960. He continued to climb the ladder all through the last decade earlier than being named firm president in December of 1970.

During his time at Ford, Iacocca helped design many profitable and iconic automobiles, together with the Ford Mustang, Ford Pinto, and Continental Mark III. Notably, the 1965 Mustang had essentially the most profitable car launch because the 1927 Model A. Iacocca additionally participated within the revival of the Mercury model by serving to to introduce the Mercury Cougar and Mercury Marquis within the late 60s. Despite the large success the corporate was experiencing, Iacocca was fired in the summertime of 1978 after clashing with boss Henry Ford II.

Chrysler

The Chrysler Corporation was practically getting ready to insolvency within the late 70s, largely as a result of remembers of its Plymouth Volare and Dodge Aspen automobiles and its loss-making European division. Courted by the corporate, Iacocca took the provide and received on his strategy to rebuilding Chrysler from the bottom up. To do that, he first requested a mortgage assure from the US Congress, which he was granted. Chrysler went on to launch the Plymouth Reliant and Dodge Aries in 1981, small and cheap front-wheel drive automobiles that proved vastly fashionable. Iacocca additionally re-introduced the posh Imperial with new cutting-edge know-how, together with a digital dashboard. Additionally, he introduced in a number of former Ford associates and commenced engaged on a sequence of restyled minivans often known as “mini-maxes,” ensuing within the improvement of the massively profitable Plymouth Voyager and Dodge Caravan in 1983.

In 1987, Iacocca guided Chrysler in its acquisition of the American Motors Corporation, which included the profitable Jeep division. From this acquisition got here the favored Grand Cherokee, which was launched in 1992, the identical 12 months Iacocca retired as president and CEO of Chrysler. However, in 1995, Iacocca partnered with billionaire Kirk Kerkorian in an tried hostile takeover over the corporate, which finally failed. He later turned a pitchman for Chrysler in 2005, 4 years earlier than the corporate declared chapter.

Other Business Ventures

Iacocca was concerned in numerous different enterprise endeavors past the car world. In 1993, he joined the board of the leisure and hospitality firm MGM Grand, and launched a service provider financial institution to fund ventures within the gaming trade. Also that 12 months, Iacocca based the meals model Olivio Premium Products. Later within the decade, he joined the board of administrators of on line casino developer and operator Full House Resorts in addition to the board of restaurant chain Koo Koo Roo. Additionally, Iacocca based an eponymous firm specializing within the improvement and advertising and marketing of electrical bikes. He closed out the 90s by turning into the pinnacle of EV Global Motors.

Books

As an writer, Iacocca co-wrote an autobiography in 1984 with William Novak; it was the best-selling non-fiction hardback e book of each that 12 months and the subsequent. He went on to launch the American propaganda e book “Talking Straight,” co-written by Sonny Kleinfeld, in 1988. Iacocca’s last launch was 2007’s “Where Have All the Leaders Gone?,” co-authored by Catherine Whitney.

Philanthropy

In the realm of philanthropy, Iacocca headed the Statue of Liberty-Ellis Island Foundation, which raised funds for the restoration and renovation of the titular landmarks. He later turned energetic in supporting diabetes analysis, as his spouse had handed away from the illness. Iacocca’s different philanthropic work included chairing the Nu Skin Enterprises initiative Nourish the Children.

Personal Life and Death

Iacocca was married a complete of 3 times. He wed his first spouse, Mary McCleary, in 1956. Together, they’d two daughters. McCleary handed away in 1983 from issues associated to kind 1 diabetes. Iacocca subsequently married Peggy Johnson in 1986; nevertheless, the subsequent 12 months, he had their marriage annulled. He wed his third and last spouse, Darrien Earle, in 1991. They divorced in 1994.

In July of 2019, Iacocca handed away at his dwelling within the Bel Air neighborhood of Los Angeles from issues of Parkinson’s illness. He was 94 years of age.

Real Estate

In 1993, Lee spent $4.25 million on a house in LA’s Bel-Air neighborhood. The property options an 11,000 square-foot dwelling down the road from the Bel-Air Country Club and the Hotel Bel-Air. Lee organized to have entry to the unique lodge from his property by means of a facet gate, permitting him to stroll to and from as he happy. In January 2020, Lee’s surviving daughters put the house in the marketplace for $26 million. They bought the house in June 2022 for $27.7 million. Here’s a video tour of the Iococca property: