Lee Iacocca Gets A Free Ride?

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Here's a blast from the past: Lee Iacocca, who gave us the Ford Mustang and the Chrysler K cars, who was the leader of a company that owned Gulfstream Aerospace for a while and who engineered the federal government's bailout of the third-largest U.S. auto manufacturer, has joined SmartJets' advisory board as chairman. Florida-based SmartJets is a subsidiary of Aero Toy Store, offering block charter hours aboard its 300-plus aircraft fleet that it calls "time ownership." As chairman of the advisory board, Iacocca will assist in directing management, serve as a spokesperson in SmartJets' ad campaigns and appear at company-sponsored events. Paul A. Svensen Jr., SmartJets' CEO, said, "Lee Iacocca will be a valuable asset to SmartJets. Having bought and sold Gulfstream Aerospace while at the Chrysler Corporation, he has a vast understanding of the private jet industry that will help direct the future of SmartJets." About SmartJets, Iacocca added, "The company is an emerging leader and innovator in private jet travel. I look forward to working with the senior management team on the future growth and success of the company."