Iacocca released commercials
For me, one of the most publically known transformational leaders of his time was Lee Iacocca of Chrysler Corporation. Iacocca was instrumental in saving a dying company that was on the verge of going out of business. Chrysler was losing millions when he stepped in after being heavily courted and made significant changes that turned this organization around. He focused on rebuilding the company from the ground up by laying off workers, selling off divisions that were unprofitable, and hiring associates from his old organization in order to go to work with the reconstruction of the corporation. Understanding that the company would close without reinforcement, Iacocca approached the U.S. Congress to request a loan guarantee. While it was a controversial move, his request was not asking for money, but to be guaranteed a loan which would be paid back. His request was granted because he had the wherewithal to argue that this was something that was granted to the airline and railroad industries and that there were more jobs at stake should Chrysler go out of business.
With guaranteed loans in hand, Iacocca was able to revive the Chrysler and the automotive industry by introducing new lines of cars and trucks that were well-received by the public. Cars introducing new electronic technology, front-wheel drive, and the re-introduction of the company’s flagship vehicle, the Imperial, created profits. Iacocca also managed the deal to purchase the popular Jeep division to be added under the Chrysler Corporation umbrella.
Lee Iacocca was a major transformational leader and completely revived a company that many believed had no hope. He followed his instincts to only transform, but also motivate followers to allow the revitalization of Chrysler happen.
When I set out to pick the direction of my career, it was the work of Lee Iacocca that intrigued me to want to save companies through transformation leadership, sustainable strategic change, and...
