Former auto industry giant Lee Iacocca, who was regarded as the father of the Ford Mustang, and is credited with helping save Chrysler from bankruptcy in the 1980s while chairman, has died, TMZ and other media report. He was 94.
A family member tells TMZ Iacocca passed away, but could not provide any further detail.
Iacocca was a national celebrity who appeared in some Chrysler commercials, saying: "If you can find a better car, buy it."
Born in Allentown, Pa., he lived in Bloomfield Hills while at the helm of Chrsler.