Iacocca: An Autobiography [Review]

I've known about this title for a long time but I never bothered to check it out until last Wednesday's book-browsing episode at Booksale. I read the blurb and found it interesting. I hoped it was as good inside because I didn't want to add to my unfinished book list.

This book did not disappoint.

It covers Iaccoca's early life as the son of immigrants, college education during the war, his professional life in the auto industry and his family. It's a pretty straightforward outline but the events in his life were far from straightforward.

Lee Iacocca was president of Ford Motors in the 1970s. He had a successful career in sales and marketing, was 'father of the Mustang' and was instrumental in the development of several other vehicles. However, he clashed with Henry Ford II and was fired in 1978. Iacocca was then approached by troubled Chrysler which, at that time, was spiraling towards bankruptcy. He joined as president, and immediately instituted changes in many areas of the company. He is credited for valiantly saving Chrysler from bankruptcy.

Here are a few lessons from the book:

1) Find your passion. And we know it's not necessarily what we studied for in college. Iacocca was an engineering graduate but he realized that his passion was really in sales and marketing so shifted careers while at Ford.

2) Find allies. When Iacocca joined Chrysler, he put together a team composed of people he really trusted. Some he even convinced to come out of retirement to help the company. He was a good leader but he had a great team that supported him as well. This he highlighted in the book.

3) Lead by example. Iacocca asked the Chrysler employees to take pay cuts. He led by slashing his salary to $1 a year! And this was the time when he most deserved all the money he was supposed to get. His leadership in this area made the employees see that he was wiling to sacrifice for them and with them.

4) Ask for help and follow through. Iacocca approached the government for loan guarantees because he saw that he needed outside help. It was a hard sell but he persisted by arguing the cause in numerous government proceedings. The request was eventually approved but with numerous, almost insurmountable conditions. The Chrysler team persisted and even paid off the amount 8 years before they were due. Talk about a comeback.

5) Family comes first. Iacocca was successful at Ford and Chrysler but he was even prouder of his achievements as a family man. Weekends were devoted to family. He said "No matter what you've done for yourself or for humanity, if you can't look back on having given love and attention to your own family, what have you really accomplished?"

While this book is marketed as an autobiography, it is also a very good business book. It covers product development, market research, investing, trade, corporate leadership, etc.

Highly recommended.