Lido Anthony `` Lee '' Iacocca ( born October 15 , 1924 in Allentown , Pennsylvania , USA ) created the Ford Mustang in 1964 . He is best known for his time as chairman of the Chrysler Corporation . Lido Anthony `` Lee '' Iacocca ( ; born October 15 , 1924 ) is an American businessman known for the unsuccessful Ford Pinto , being fired from Ford Motor Company , and his revival of the Chrysler Corporation in the 1980s .