 In 1962, Ford Vice-president Lee Iacocca leading the Fairlane Group (a committee of Ford managers and executives) began to work on a front-engine, four-seater design, known as the T-5 in company parlance, and later, the Mustang.To speed development, Ford Falcon and Fairlane components were used.Nearly the only design element that remained from the original Mustang I were the fake louvers that recreated the radiator scoops of the two-seater, and its name, emblazoned on its side panels as the "galloping Mustang" logo.