Automotive Industry Icon Lee Iacocca Dies At 94

(RTTNews) - Auto industry icon Lee Iacocca, who rescued Chrysler from near-bankruptcy in the 1980s, has died. He was 94.

Iacocca's family confirmed he passed away of natural causes Tuesday.

He was instrumental in the creation of the Ford Mustang and the Chrysler minivan.

Iacocca started working at Ford Motor Company in 1946, and was a major figure in the development of the Ford Mustang. He was named president of Ford in 1970, but was terminated by Henry Ford Jr. in 1978.

He was then hired by Chrysler Corp. in 1978 and became the company's chief Executive officer in 1979. He is credited with saving the company from bankruptcy.

"The Company is saddened by the news of Lee Iacocca's passing. He played a historic role in steering Chrysler through crisis and making it a true competitive force," FCA said in a statement.