Lee Iacocca, who created the iconic Ford Mustang has died aged 94, CBS News reported. 

"Lee Iacocca was truly bigger than life and he left an indelible mark on Ford, the auto industry and our country," said Ford executive chariman Bill Ford. "Lee played a central role in the creation of Mustang. On a personal note, I will always appreciate how encouraging to me at the beginning of my career. He was one of a kind and will be dearly missed."

Lee Iacocca is an influential American businessman, public figure and philanthropist.

Best known for his work at Ford and Chrysler, he is considered the developer of the Ford Mustang.