Lee Iacocca, father of the Mustang and  Minivan, dead at 94

Iacocca's vision brought us the pony car and the K-Car, but his legacy is far more complicated than that.

Lee Iacocca, the former chairman of Chrysler and visionary behind the Ford Mustang and Chrysler's minivans, died late Tuesday. While Iacocca's exuberance may never have reached the heights of contemporaries such as Bob Lutz, he was nonetheless a very visible figure in the American auto industry, influencing automakers and the buy public alike for more than 40 years. He was 94.

The Pennsylvania native began his career at Ford in 1946. While his influence on the Mustang was likely the highlight of his time with the blue oval, his tenure was also marred by the Ford Pinto scandal. Iacocca was among those who knew of the compromised gas tank position and the associated risks. Whether he was made a scapegoat or not, it eventually led to his ouster from the company.

Executive Chairman Bill Ford said late Tuesday, "Lee Iacocca was truly bigger than life and he left an indelible mark on Ford, the auto industry and our country. Lee played a central role in the creation of Mustang. On a personal note, I will always appreciate how encouraging he was to me at the beginning of my career. He was one of a kind and will be dearly missed."

When he left Ford, Iacocca took something valuable with him: the minivan concept. After being brought on by Chrysler, he pushed this revolutionary design as a variant of the company's new K-Car platform. This underpinned a host of emissions-friendly, front-wheel-drive products which, as Chrysler's first government bailout loomed, helped revitalize sales and get the company back on track.

Iacocca also pushed for the acquisition of American Motors (AMC), which then held the distinction of producing a plucky line of military-inspired, off-road vehicles you may have heard of. Decades later, Jeep would become the cornerstone of yet another bailout strategy.

FCA sent out a statement early Wednesday, saying of Iacocca, "Lee gave us a mindset that still drives us today - one that is characterized by hard work, dedication and grit. We are committed to ensuring that Chrysler, now FCA, is such a company, an example of commitment and respect, known for excellence as well as for its contribution to society. His legacy is the resiliency and unshakeable faith in the future that live on in the men and women of FCA who strive every day to live up to the high standards he set."

Iacocca retired from Chrysler in 1992, but his involvement with the company took a strange turn when, just a few years later, he was tapped by renowned venture capitalist Kirk Kerkorian to help orchestrate a hostile takeover of the company he once chaired. The attempt failed, and ultimately pushed Chrysler into the infamous and ill-fated "Merger of Equals" with Daimler, the aftermath of which led to Kerkorian's unsuccessful attempt to purchase the company outright.

Iacocca maintained a relatively low profile after the takeover bid, but occasionally appeared in Chrysler's "Employee Pricing Plus" advertising campaign during the Daimler years. His daughter confirmed Tuesday that Iacocca suffered complications from Parkinson's Disease, but died of natural causes.