Iacocca sells shares for $56 millionLee Iacocca, who...

BUSINESS DIGEST

August 10, 1993

Iacocca sells shares for $56 million

Lee Iacocca, who pocketed tens of millions of dollars in salary and stock bonuses during his 13-year reign as chairman of Chrysler Corp., is selling almost half his stake in the automaker.

The retired chairman said in a filing with the Securities and Exchange Commission that he is selling 1.2 million shares for approximately $56.5 million. Iacocca gave no reason for the sale. The sale was to have taken place last week.

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