Auto industry icon Lee Iacocca is dead at 94

TMZ is reporting that auto industry icon Lee Iacocca – forever connected to the Ford Mustang and former chairman of Chrysler – has died, according to a family source.

A family member tells TMZ Iacocca passed away, but could not provide any further detail.

Iacocca is credited with saving Chrysler from bankruptcy back in the 1980s, and he's often referred to as the father of the legendary Ford Mustang. While he was always known within the auto industry, he became a household name across America when he starred in a series of TV advertisements for Chrysler.