Chrysler Requesting Iacocca to Return Car
AUBURN HILLS, MI – Under bankruptcy law, Chrysler can no longer provide former executives with vehicles — including past CEO Lee Iacocca, reported FOX Business.
Iacocca currently has a minivan and a Chrysler 300 furnished by the company, according to FOX.
FOX Business obtained a letter sent to former Chrysler executives and directors, in which the company requests that they either buy the vehicles they're currently driving at fair market value or turn in the vehicles. Iacocca's office confirmed it received the letter, reported FOX.
Iacocca, a former Ford Motor executive, became CEO of Chrysler in 1979, and subsequently turned around the company with the help of $1.5 billion in loan guarantees from the federal government. Chrysler paid off the loans in 1983, a full seven years early, and to this day that episode is regarded as one of the greatest corporate turnarounds of the past several decades, according to FOX.
Iacocca retired from Chrysler in 1992.