(WXYZ) — Lee Iacocca, an automotive executive and former president and chairman of Chrysler Corporation, has died at the age of 94.

Iacocca's family confirmed the news to the entertainment outlet TMZ Tuesday.

The automotive icon is credited for saving Chrysler from bankruptcy in the 1980s, and for the development of the Ford Mustang and Pinto.

FCA released statements regarding Iacocca's passing:

The Company is saddened by the news of Lee Iacocca's passing. 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. He also played a profound and tireless role on the national stage as a business statesman and philanthropist.



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.



Bill Ford, executive chairman of Ford Motor Company also weighed in on the icon's passing.

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 to me at the beginning of my career. He was one of a kind and will be dearly missed.

No further details were immediately released regarding Iacocca's passing.