portrait of Lee Iacocca
Lehigh University Alumni Awards photo (2010)

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Quotes of the Day for 15 October 2004 – Lee Iacocca

Lido Anthony Iacocca was born at Allentown, Pennsylvania on this day in 1924. He graduated from Lehigh University, got a master degree in engineering from Princeton, and went to work for Ford Motor Company. Not enjoying the work of a rookie engineer, Lee turned to sales and started making changes. He introduced the first payment plan for cars, drove the development of the Fairlane and the hugely-successful Mustang based on the same chassis, but came into conflict with Henry Ford II over a light front-drive model. After he was canned at Ford, Chrysler hired him to turn that company around. He went to Congress for a $1.5 billion loan guarantee, cut his own salary, bargained for wage reductions, and built the car that Ford wouldn't, the K-Car. Chrysler followed that with the first minivan and the purchase of AMC which brought the Jeep brand into the MoPar family. To honor his immigrant parents he took charge of refurbishing Ellis Island and the Statue of Liberty, along with raising the $450 million to pay fr it. Somewhere in there he found the time to write three books.

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You will find an expanded profile, photo, additional biographical links, and all quotes from this author on the author's Notable Quotable page.

The quotes:

I hire people brighter than me and then I get out of their way.

There are times when even the best manager is like the little boy with the big dog, waiting to see where the dog wants to go so he can take him there.

We are continually faced by great opportunities brilliantly disguised as insoluble problems.

Apply yourself. Get all the education you can, but then, by God, do something. Don't just stand there, make it happen.>

I have always found that if I move with seventy-five percent or more of the facts that I usually never regret it. It's the guys who wait to have everything perfect that drive you crazy.

People want economy, and they'll pay any price to get it.
     - All from Lido Anthony Iacocca

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