Iacocca to Quit Job as Chrysler CEO in 1991

Chrysler Corp. Chairman and Chief Executive Lee A. Iacocca, who brought the nation’s third-leading car maker from near bankruptcy to financial health, has decided to step down when his contract expires in 1991, the New York Times reported.

Iacocca, in an interview last week, told the Times that he plans to devote more time to improving the nation’s education system and teaching.

He said he might stay on in some role but would give up his chief executive job when his four-year contract runs out.

“I don’t have to be the guy who pushes the buttons and runs things,” he told the newspaper, adding that he “might stay behind to help, but in a lower profile, on the board.”

Chrysler said the comments did not constitute a formal retirement announcement, which would first be made to company directors and employees.

After joining the company in 1978, Iacocca, 64, became one of America’s most recognizable business executives, appearing on Chrysler television commercials and writing two best-selling books.

His pay of nearly $18 million in 1988 and $20 million in 1987 made him the highest-paid executive in the nation.