Lee Iacocca - Career at Ford

Career At Ford

Iacocca joined Ford Motor Company in 1946. After a brief stint in engineering, he asked to be moved to sales and marketing, where his career flourished. While working in the Philadelphia district as assistant sales manager, Iacocca gained national recognition with his "56 for '56" campaign, offering loans on 1956 model year cars with a 20% down payment and $56 in monthly payments for three years. His campaign went national, and Iacocca was called to Dearborn, where he quickly moved up through the ranks. In 1960 Iacocca was named Ford's vice-president, car and truck group; in 1967, executive vice-president; and president in 1970.

Iacocca participated in the design of several successful Ford automobiles, most notably the Ford Mustang, the Lincoln Continental Mark III, the Ford Escort and the revival of the Mercury brand in the late 1960s, including the introduction of the Mercury Cougar and Mercury Marquis. He promoted other ideas which did not reach the marketplace as Ford products. These included cars ultimately introduced by Chrysler – the K car and the minivan. Eventually, he became the president of the Ford Motor Company, but he clashed with Henry Ford II. He was fired in 1978, although the company posted a $2 billion profit for the year.