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Business genius “Lee” laccocca, legend of American auto industry

<a business scene that heats your heart 23 (Author Jo yeong-ho )> Book posting.

Lido Anthony “Lee” Iacocca

What were you worried about last month? Last year? Look, you don’t even remember. So it’s not a big deal to worry about today. Forget it. We live for tomorrow.

“Lee” Iacocca
Image source: Namu wiki

“Lee” laccocca, loved cars from Ford, so much that he liked cars from childhood and the most respected person was Henryford. To join Ford Motor, he changed his name to “Lee,” which is easy to pronounce and remember. He worked for Ford Motor for 32 years and made the legend of Mostain, and in 1970 he continued his success story as chairman. However, he is in bad luck to be dismissed in 1978 due to a disagreement with Henry Ford II, who will be the next president.

The new myth began from this time.

After moving to Chrysler, he dramatically revived the company, which had been suffering from a deficit of $ 3.5 billion, solving cumulative inventory, corrupt executives and chronic in-house disputes one by one. His story of Ford Motor, Chrysler, as a world-renowned car, remains a legend and is being passed down to the public.
In Chryasler, he won a trade union with a “$1 annual salary declaration” to lead to two wage cuts, and in 1980 he fired 15,000 full-time employees only and then made a restructuring that sold European branches, resulting in cost savings of $500 million.He also acquired a $1.5 billion loan guarantee from the federal government, developed a new car with all-wheel drive compact car technology using a small car co-developed by European branch Saint-Car and Lutz Group, and created and hit a minivan lineup or all-wheel drive platform, the K-body platform, which was not accepted and conceived by Ford.

After an effort, in the summer of 1982, seven years before becoming president of Chrysler, Iacoca had a myth that paid $ 1.5 billion in chronic debt and left $ 700 million in net profit. The worker’s salary, which was cut by 5%, was raised to the original level, and many of the employees who were dismissed were also called back. Iacoca then brought company colleagues who worked at Ford, including Bob Lutz, to Chrysler, and acquired AMC/Jeep and Lamborghini, who had been of interest, in 1987.
However, in the process, the company was again in financial trouble due to unreasonable mergers and acquisitions, insisting on the use of the K-body platform and conservative design, and the authenticity of the “one dollar salary declaration” were embroiled in controversy.