Lee Iacocca is a famous American businessperson, author and philanthropist. Lee worked in high positions for Ford Motor Company that made popular cars. As the CEO, President and Chairman of Chrysler, Lee improved the status of the Corporation. Continue reading to find the estimated net worth of Lee Iacocca as of 2019.
Early Life & Biography:
Lee Iacocca (Lido Anthony “Lee” Iacocca) was born on 15th October 1924 in Allentown, Pennsylvania, the US. Lee’s parents, Nicola Iacocca and Antonietta Perrotta, immigrated from San Marco dei Cavoti, Benevento. They settled in steel production belt of Pennsylvania and ran a restaurant called ‘Yocco’s Hot Dogs’.
After Allentown High School in 1942, Lee got his degree in Industrial Engineering from Lehigh University in Bethlehem, Pennsylvania. Lee is a member of Tau Beta Pi (Engineering Honour Society) and of Alumnus of Theta Chi Fraternity. Lee studied politics and plastic from Princeton University on Wallace Memorial Fellowship.
Lee married Mary McCleary on 29th September 1956. They had daughters, Kathryn and Lia. On 15th May 1983, Mary Iacocca died of diabetes. Lee actively associated himself for improved medical treatment of diabetics. On 17th April 1986, Lee married Peggy Johnson but after 19 months their marriage was annulled. In 1991, Lee married Darrien Earle but, after 3 years they divorced.
Career, Awards & Nominations
In 1946, Lee Iacocca commenced his profession as an Engineer at Ford Motor Company but, shifted to the sales department. Lee was rapidly promoted to many reputable positions at Ford. By 1960, Lee Iacocca was the Vice President and General Manager of the Ford Motor Company. By 1965, Lee Iacocca became Vice President of the Car and Truck Group. In 1967, Lee was referred to as Executive Vice President. After 3 years, Lee Iacocca became the President of Ford. The Ford Motor Company experienced rapid growth developing Ford Mustang, Ford Escort and Lincoln Continental Mark III. Also, Ford Pinto but that has designing problem. In 1978, Lee Iacocca has a friction with Henry Ford II and was fired.
Lee Iacocca took over Chrysler that was not doing well at that point in time. He became the first CEO who took $1 as his salary in exchange for higher equity compensation. Although his salary was $1, his total compensation added to $20.6 million (1986). Lee Iacocca resigned in 1992 and focused in politics, philanthropy and writing.
Lee Iacocca was honoured and named as the 18th-greatest American CEO of all time. Lee Iacocca received the annual Jefferson Awards called S. Roger Horchow Award for Greatest Public Service by a Private Citizen (1985).
Net Worth & Earnings
The net worth of Lee Iacocca is $110 million. Most of Lee’s wealth comes from his salaried income from his various posts at Ford Motor Company (1946-1978). Lee Iacocca earned from equity compensations while serving as CEO, President and Chairman of Chrysler until 1992. Other sources of income are from his authored and published books.
In 1980s, Lee Iacocca associated in the US business exports. Lee Iacocca has authored and/or co-authored several books. Some of these books include ‘Iacocca: An Autobiography’ (co-author: William Novak) and ‘Where Have All the Leaders Gone?’Lee Iacocca lives in Bel Air, Los Angeles, California.