953 nut 52,162 #1 Posted July 13, 2016 7-13-1978 Henry Ford II fires Lee Iacocca On this day in 1978, Ford Motor Company chairman Henry Ford II fires Lee Iacocca as Ford’s president, ending years of tension between the two men. Born to an immigrant family in Pennsylvania in 1924, Iacocca was hired by Ford as an engineer in 1946 but soon switched to sales, at which he clearly excelled. By 1960, Iaccoca had become a vice president and general manager of the Ford division, the company’s largest marketing arm. He successfully championed the design and development of the sporty, affordable Ford Mustang, an achievement that landed him on the covers of Time and Newsweek magazines in the same week in 1964. In December 1970, Henry Ford II named Iacocca president of Ford, but his brash, unorthodox style soon brought him into conflict with his boss. According to Douglas Brinkley’s history of Ford “Wheels for the World,” Henry authorized $1.5 million in company funds for an investigation of Iacocca’s business and private life in 1975. Suffering from a heart condition and aware that the time for his retirement was approaching, Ford made it clear that he eventually wanted to turn the company over to his son Edsel, then just 28. In early 1978, Iacocca was told he would report to another Ford executive, Philip Caldwell, who was named deputy chief executive officer. In his increasingly public struggle with Ford, Iacocca made an attempt to find support among the company’s board of directors, giving Ford the excuse he needed to fire him. As Iacocca later wrote in his bestselling autobiography, Ford called Iacocca into his office shortly before 3 pm on July 13, 1978 and let him go, telling him “Sometimes you just don’t like somebody.” News of the firing shocked the industry, but it turned into a boon for Iacocca. The following year, he was hired as president of the Chrysler Corporation, which at the time was facing bankruptcy. Iacocca went to the federal government for aid, banking on his belief that the government would not let Chrysler fail for fear of weakening an already slumping economy. The gamble paid off, with Congress agreeing to bail out Chrysler to the tune of $1.5 billion. Iacocca streamlined the company’s operations, focused on producing more fuel-efficient cars and pursued an aggressive marketing strategy based on his own powerful personality. After showing a small profit in 1981, Chrysler posted record profits of more than $2.4 billion in 1984. By then a national celebrity, Iacocca retired as chief executive of Chrysler in 1992. 5 Share this post Link to post Share on other sites
squonk 39,123 #2 Posted July 13, 2016 Amazing. Chysler pulled out of bankruptcy and made more then 2.4 billion in profits by 84 by essentially building and selling junk! ( I worked at a Chysler dealer during those times!) 6 Share this post Link to post Share on other sites
ACman 7,561 #3 Posted July 13, 2016 (edited) Who'd thought the K-car and MiniVan could've done that. Edited July 13, 2016 by ACman 3 Share this post Link to post Share on other sites
SylvanLakeWH 24,276 #4 Posted July 13, 2016 8 hours ago, squonk said: Amazing. Chysler pulled out of bankruptcy and made more then 2.4 billion in profits by 84 by essentially building and selling junk! After a horizon and two junk transmission minivans, won't ever buy a chrysler again... 1 Share this post Link to post Share on other sites
squonk 39,123 #5 Posted July 13, 2016 The nice thing about them is that all of the cars except the RWD Fth Ave, Fury's ect used almost all of the same parts. The exterior and interior pieces were different but the engines, trans, electrical and so were on were almost all the same. The Horizon Omni's had a few things different. but not much. The parts room had it easy. 1 Share this post Link to post Share on other sites
elcamino/wheelhorse 9,113 #6 Posted July 13, 2016 No comment on K cars. Mother in law had one. I think she had a dead wish. 2 Share this post Link to post Share on other sites
rjg854 10,792 #7 Posted July 13, 2016 We had a PLymouth Horizon and a Reliant wagon at different times and drove the heck out of them, I thought those K cars were decent vehicles. 1 Share this post Link to post Share on other sites
953 nut 52,162 #8 Posted July 14, 2016 23 hours ago, squonk said: essentially building and selling junk! Lets face it, the '70s and '80s were not the pinnacle of American automotive industrial history. 3 Share this post Link to post Share on other sites
squonk 39,123 #9 Posted July 14, 2016 21 hours ago, Ranger13148 said: We had a PLymouth Horizon and a Reliant wagon at different times and drove the heck out of them, I thought those K cars were decent vehicles. Head gasket leaks. wrist pin knocks, tecumseh-esqe finicky carburetors, Put more than 4 people in one and the rear hit the ground & more electrical issues than a truck load of 520"s They were decent once they went to fuel injection. Of course they stopped building them shortly after. And don't get me started on the Omni/ Turismo line with the water leaks! 2 Share this post Link to post Share on other sites
