Which CEO of Chrysler led its turnaround in the 1980s?

Lee Iacocca was the Chrysler CEO who led the company’s turnaround in the 1980s.

Iacocca joined Chrysler after Ford fired him in 1978 and became chairman and chief executive in 1979. Chrysler was near collapse, burdened by weak products, costly recalls, and severe financial pressure. Iacocca helped persuade the U.S. Congress to provide $1.5 billion in loan guarantees, while imposing major cost reductions and restructuring the company.

The recovery depended on products as well as financing. Chrysler launched the front-wheel-drive Dodge Aries and Plymouth Reliant K-cars in 1981, followed by the Dodge Caravan and Plymouth Voyager minivans in 1983. These vehicles matched demand for smaller, more fuel-efficient transportation and became central to Chrysler’s return to profitability.

People sometimes remember Iacocca mainly as the face of Chrysler’s television commercials, especially the line “If you can find a better car, buy it.” His public profile helped sell the comeback, but the turnaround also involved engineers, managers, workers, dealers, and government-backed financing. Chrysler repaid its loan guarantees ahead of schedule.