(CNBC) Paul A. Eisenstein Jul 2 2019 10:34 PM Lido Anthony Iacocca the automobile industry legend best known as Lee" died at the age of 94 on Tuesday morning his family confirmed. A child of Italian immigrants who grow up in humble conditions Iacocca became one of the most powerful and best known executives in Detroit. Iacocca rose to become president of Ford Motor in December 1970. After being fired in a dispute with company heir Henry Ford II Iacocca joined the then-struggling Chrysler. Using both his business skills and ability to turn a phrase he won federal loan guarantees that helped the automaker avoid a potential 1980 bankruptcy. During his career Iacocca become closely associated with at least three iconic vehicles. He has been widely credited as the father of the Ford Mustang as well as the K-Car that helped Chrysler pull out of its financial slump. Working with former Ford colleague Hal Sperlich who joined him at Chrysler Iacocca also gave the go-ahead to the minivans that for a number of years were the most profitable products offered by the third-largest of the Detroit automakers.