Lido Anthony "Lee" Iacocca, a former chairman of Chrysler, and a person who is often referred to as the 'father-founder' of the legendary Ford Mustang coupe has died at the age of 94, US-based media said, citing a family source.

An Iacocca family member told TMZ that the legendary US auto exec had passed away, but did not provide further details.

Iacocca started his career in the automotive industry in 1946 at the Ford MotorCompany. He is credited with leading the engineering team that developed and created the first iteration of the iconic Ford Mustang automobile in 1964.

In 1970, Iacocca became Ford's CEO before being fired by Henry Ford II some 8 years later, TMZ reported.

Lee then joined Chrysler and become company CEO. He reportedly became a household name across the US when he starred in a series of TV advertisements for Chrysler with a famous catchphrase: "If you can find a better car, buy it".

US President Ronald Reagan appointed Iacocca as a chairman of the Statue of Liberty-Ellis Island Centennial Commission in the 1980s and tasked Lee with raising money to restore the Statue of Liberty.