Lee Iacocca, King of Detroit

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