In 1982, Lee Iacocca (Iacocca), the then Chairman and CEO of Chrysler was presented with the 'Automotive Industry Leader of the Year' award.3This award was instituted for the first time in 1982 and Iacocca became its first recipient. Soon after in 1984, Iacocca also won the Ralph Coats Roe Medal.

The medal recognized the exceptional contribution of an engineer towards better public understanding and improving the standard of society. In 1994, Iacocca was inducted into the coveted 'Automotive Hall of Fame'. The Automotive Hall of Fame was the highest place of honor accorded to the achievers in the global automotive industry.According to Jeffrey K Leestma, President of the Automotive Hall of Fame, "The honor is bestowed each year to the individual who best exemplifies the image, foresight, leadership, integrity and purpose contributing most to the success of the motor vehicle industry.These awards and recognitions stand testimony to Iacocca's invaluable contribution to the automobile industry. In his 32 year stint at the leading global automobile giant, Ford Motor Company (Ford) and 14 year stint at Chrysler Corporation (Chrysler), Iacocca played a major role in introducing several new innovative products.

He transformed Chrysler into one of the leading automobile manufacturers in the US. Chrysler was facing a severe financial crisis and was on the brink of closure, but Iacocca resurrected the company and turned it into a profit making one in a short span of six years. He was proclaimed as a turnaround specialist, who saved Chrysler from bankruptcy.Complementing the skills and abilities of Iacocca, author Anthony Robbins5said, "All truly successful people such as Lee Iacocca have a driving force within them that sets them apart from others. A desire, an energy that gives them the fuel to reach their true potential.

This force is a part of them 24 hours a day, seven days a week. It never subsides. Their total existence is sustained for the fulfillment of their goals.

The passion within this individual to achieve has been so deeply implanted, that their mental power is driven by this force and will not let them do anything other than achieve"6...Lido Anthony Iacocca, popularly known as Lee Iacocca (Refer Exhibit I) was born in Allentown, Pennsylvania in the US on October 15, 1924. His father, Nicola Iacocca and mother Antoinette Iacocca were Italian immigrants. Since his childhood, Iacocca believed in the value of hard work and never shirked from any kind of work. At the age of 10, he used to take his vehicle to departmental stores and transport shoppers' items for a small amount.At the age of 16, he worked for 16 hours a day in a fruit market. Iacocca graduated in Science (Bachelors in Industrial Engineering) from Lehigh University, Bethlehem, Pennsylvania, US in 1945. In 1946, he also completed his Master's degree in Mechanical Engineering from Princeton University, New Jersey, US. Iacocca began his career at Ford in August 1946 as an apprentice engineer.

He was inducted in a training course known as 'loop training,' which provided on-the-job training for a week in every department of the company. However, after staying for nine months in this 18-month program, Iacocca realized that he was not interested in an engineering job. He gradually changed his career path and moved to sales...The Tenure at ChryslerWhen Iacocca joined Chrysler, the company was facing problems on several fronts. Coordination across different functions was virtually absent.

Iacocca identified that information dissemination, the spirit of camaraderie8and esprit de corps9were completely absent among the employees in the company. The company's products were perceived to be of poor quality.

Financial controls were virtually non-existent. The company's finished goods inventory had risen to unprecedented levels, which resulted in production cuts from time to time. Iacocca later recalled,

Turning Around ChryslerIn 1984, Chrysler declared record profits of $2.4 billion. This achievement catapulted Iacocca's fame and he soon became very popular all over the US. He ranked among one of the highly-paid business executives in the US. Two of the books written on Iacocca, namely, his autobiography, 'Lee Iacocca' published in 1984, and 'Talking Straight' published in 1988 became international best sellers...Iacocca The LeaderAccording to analysts, Iacocca was popular for his bold decisions and risk-taking abilities. He felt that every business and every product had its own inherent risks that had to be overcome to achieve success. Iacocca was proclaimed as a visionary who could see far beyond the day-to-day activities of business. He used to think differently from others and always came up with innovative ideas. He was not afraid of taking unpopular decisions to solve major problems. Analysts felt that Iacocca's success could be attributed to his ability to adjust to any kind of situation very quickly...

The Other Side of IacoccaAlthough most people recognized Iacocca's achievements in the corporate world and his leadership qualities, a section of analysts and media reports highlighted the negative side of Iacocca's leadership. Iacocca's management style was reported to be dictatorial due to which he was disliked by his subordinates...