During World War II, he served in the China Burma India Theater as a Corporal in the United States Army Quartermaster Corps.
[5] In 1970, Virgil Boyd was ousted as president (receiving the new title of vice-chairman) amid lagging sales and earnings, in favor of Riccardo.
Under his leadership the company disposed of a number of its unprofitable subsidiaries, including Chrysler Europe, Airtemp, and Big Sky Resort.
[8] In 1978, Chrysler brought on recently dismissed Ford president Lee Iacocca to help turn around the struggling auto maker.
On September 17, 1979, Riccardo announced his resignation – citing poor health and his belief that the company would be more likely to receive government aid under new management.