Lee Iacocca, creator of the Ford Mustang, dies aged 94

PanARMENIAN.Net - Lee Iacocca, the car industry legend who created the iconic Ford Mustang and saved Chrysler from bankruptcy, has died at the age of 94, the BBC reports.

He died at his home in Los Angeles from complications from Parkinson's disease, a family spokeswoman told US media.

Iacocca is also remembered for his appearances in Chrysler ads in the US, pointing at viewers and telling them: "If you find a better car, buy it!"

In a statement, the company said it was "saddened" by the news of his death.

"He played a historic role in steering Chrysler through crisis and making it a true competitive force. He was one of the great leaders of our company and the auto industry as a whole," the firm, which is now known as Fiat Chrysler Automobiles (FCA), said.

"Lee gave us a mindset that still drives us today - one that is characterised by hard work, dedication and grit."

Born to Italian immigrant parents in Allentown, Pennsylvania in 1924, Mr Iacocca began his career as an engineer at the Ford Motor Company in 1946, before later moving into sales.

He had a natural flair for marketing, and his first campaign in the mid-1950s caught the eye of the company's executives. Shortly afterwards, he was relocated to its headquarters in Dearborn, Michigan.

In 1964 he cemented his place in history by designing and launching the Ford Mustang, which sold 419,000 in its first year and would later become known one of America's most iconic cars.

However, he was fired by the company in 1978 after being accused of plotting to oust Chairman Henry Ford II and take over his position.