Q1

Just after Iacocca joined the new business, the corporation just made public its worst deficit in the history of the company. He did not know that the company had just suffered 160 million dollar loss in the last quarter of its financial year. He later discovered that the business had a poor employee morale overall and bad security leaks. Other companies that produced automotive products were doing so well while Chrysler’s products were viewed as boring, with quality issues that was harming the company’s reputation in a terrible manner (174).

Q2

Iacocca made a decision to permanently eliminate every program that failed to make the company profitable and decided that no car will be manufactured away from Chrysler dealership. He also found means to replace all employees who had no idea about their jobs and hired fast movers. His primary priority was creating a system that will control its finances but unfortunately things got worse. Because he hired exceptional experience and skills and other general introductions that increased the overall spending of the company, Iacocca exhausted all financial options and began asking for loan guarantees which escalated the company into further debt.

Q3

Apart from borrowing loans from the federal government, he deducted his own remuneration to a dollar a saying terming it as ‘equality of sacrifice’. He closed other plants and did away with the stock incentive plan (175). He approached lenders of all types which saw him go further into debt that all banks wanted the business to be declared bankrupt.

Q4

Looking at his first plans when he became part of the organization, Iacocca can be viewed as a capable dictator but one who provided a sense of direction to his employees. In his direction, he was interested with the idea of what his subordinates thought about his plans. He was aggressive and an executive leader but to me I think he was impatient and so it did not end well for him.