Thursday 20th September 1979
After being fired from the Ford presidency, Lee Iacocca was elected chairman of the failing Chrysler Corporation. Despite dire predictions, Iacocca succeeded in rebuilding Chrysler through layoffs, cutbacks, hard-selling advertising and a government loan guarantee. Famous for his strong work ethic and no-nonsense style, Iacocca reduced his salary during Chrysler’s crisis years to $1 per year to set an example for the rest of the company. By 1983, Chrysler had moved from the verge of bankruptcy to being a competitive force, paying back all of its government loans in less than 4 years.