Lee Iacocca, who helped create the Ford Mustang, has died

(CNN) – Lee Iacocca, who helped create the Ford Mustang and the Chrysler minivan, has died at the age of 94.

He is also credited with rescuing Chrysler from near-bankruptcy in the 1980’s.

Iacocca was born in Allentown, Pennsylvania, on October 15, 1924.

He went on to lead two major American car companies, Ford and Chrysler.

Iacocca started working at Ford Motor Company in 1946, was named president of Ford in 1970, but was fired by Henry Ford Jr. in 1978.

In 1978, he was hired by Chrysler Corporation, became the company’s CEO in 1979 and is credited with saving the company from bankruptcy.

Iacocca’s youngest daughter confirmed he passed away of natural causes Tuesday.

He is survived by his two daughters and eight grandchildren.