Lee Iacocca

Iacocca's 1987 remuneration again reached approximately 17.9 million dollars. The UAW publicly criticised executive pay levels as collective bargaining with Chrysler was about to begin.

State of the evidence

Documented

Attribution

Directly implicated

Iacocca received more than 20 million dollars in salary, bonuses, shares and options for 1986, becoming one of the highest-paid executives in the United States a few years after his one-dollar salary campaign.

State of the evidence

Documented

Attribution

Directly implicated

Iacocca led the acquisition of American Motors Corporation, notably to obtain Jeep, in a deal exceeding one billion dollars. Admirers viewed it as a major strategic achievement; critics warned that Chrysler was paying dearly for a loss-making company and inheriting substantial debt.

State of the evidence

Documented

Legal status — source text

Not applicable

Attribution

Directly implicated

After early repayment of the guaranteed loans, Iacocca claimed the rescue had preserved several hundred thousand jobs. Critics strongly disputed these figures, pointing out that Chrysler had nevertheless cut tens of thousands of positions.

State of the evidence

Documented

Legal status — source text

Not applicable

Attribution

Personally implicated

Chrysler's rescue required substantial concessions from employees, creditors, suppliers and public authorities, as well as closures and job cuts. Iacocca became a symbol of the effort by accepting a nominal salary of one dollar.

State of the evidence

Documented

Legal status — source text

Not applicable

Attribution

Directly implicated

Documents, internal tests and trial testimony indicated that Ford had early knowledge of the fuel tank's vulnerability in rear-end collisions and had discussed stricter standards. In 1978, the NHTSA forced the recall of approximately 1.5 million Pinto and Mercury Bobcat vehicles.

Attribution

Directly implicated

Leading Chrysler as it approached bankruptcy, Iacocca conducted a highly publicised campaign with Congress and the Carter administration to obtain government loan guarantees, arguing that bankruptcy would destroy the company and a vast network of jobs.

State of the evidence

Documented

Attribution

Directly implicated

Despite Ford's substantial profits and his position as president, Iacocca was abruptly dismissed by Henry Ford II after years of internal rivalry and disagreements over power and organisation.

Legal status — source text

Not applicable

Attribution

Directly implicated

Iacocca drove the Pinto programme with its well-known targets of approximately 2 000 pounds in weight and 2 000 dollars in price, alongside a very short development schedule. Subsequent critics argued that this pressure on cost and timing had contributed to neglecting rear fuel-tank safety risks.

Attribution

Directly implicated