Lee Iacocca, the former auto industry leader best known for rescuing Chrysler from the brink of failure, and the development of a number of Ford vehicles, has died at the age of 94, the Washington Post reported.

Iacocca became the face of Chrysler in the 80s with his catch phrase "If you can find a better car, buy it."



Iacocca was first hired as Ford's president in 1970 after starting with the company in 1946 as an engineer. During his time at Ford, he was involved in the development of the Ford Mustang and Ford Pinto.

Iacocca was fired from Ford after an eight-year tenure as president.

He then went to rival Chrysler and quickly turned the company around. He did so after going to Congress to request a loan guarantee. At Chrysler, he was responsible for launching products such as the K-Car and the minivan.

Iacocca was born in Allentown, Pennsylvania after his parents immigrated from Italy. Iacocca was married three times, marrying twice after his wife Mary's 1983 death. Iacocca had two children with Mary.