(The following is a reformatted version of a press release
issued by Northwestern University and received via electronic
mail. The release was confirmed by the sender.) 
Northwestern University Kellogg School of Management Receives
$17 Million Gift from the Estate of James R. Russell ’35 
EVANSTON, Ill. − James R. Russell left a bequest of $17 million
to the Kellogg School of Management at Northwestern University
in memory of Helen D. Russell and James (Jim) R. Russell. 
Mr. Russell received a full scholarship to attend Northwestern’s
School of Commerce, now the Kellogg School, where he graduated
summa cum laude in 1935 with a degree in business
administration. He met his wife, Helen, in 1934. They were
married in 1939, the same year that Jim joined Illinois Tool
Works, where he worked for the next 40 years, retiring in 1979
as the company’s CFO. Jim passed away in 2011. 
“The very generous bequest from Jim and Helen Russell comes at a
transformative and exciting time for Kellogg,” said Sally
Blount, dean of the Kellogg School. “Jim was a wise and prudent
business man and a loyal alumnus of the school. We are grateful
to the entire Russell Family for this gift and are honored to
use it to celebrate Jim’s legacy and very successful career at
The Russell estate gift will: 
Fund the creation of the Russell Fellows Program, a new M.S. in
Management Studies (MSMS) degree program to be offered at
Establish a chaired professorship in Kellogg’s finance
Be recognized by naming a lake-view lounge in the school’s new
lakefront global learning center.
Creating the Russell Fellows Program 
Named in recognition of the Russell Family, the Russell Fellows
are chosen annually from a highly selective pool of graduating
college students who have applied to study for a one-year Master
of Science in Management Studies at Kellogg. This new degree is
designed for recent liberal arts graduates who seek grounding in
core business skills before they embark upon careers in
business. It marries the benefits of a strong liberal arts
foundation with Kellogg’s distinctive approach to management
The pilot Russell Fellows program launched in late July with 25
students. As part of this program, many of the Russell Fellows
are receiving need-based financial aid in order to allow them to
undertake graduate studies. Scholarship support was of
particular significance to Jim. 
New Lakefront Global Learning Center 
In recognition of the Russell estate gift and Helen Russell’s
love of gardens and the lakefront, Kellogg will also name a
study lounge in the family’s honor in the new Kellogg lakefront
learning center, scheduled to open in late 2016. The Russell
Family Lounge will serve as a spacious gathering space for the
Kellogg community. Flexible seating will provide students with a
beautiful setting for reflection, as well as workspace for
collaborative work. The lounge will feature views of Lake
Michigan and the Northwestern campus. 
Establishing a Named Professorship 
Professor Janice C. Eberly, the United States Department of the
Treasury’s former Assistant Secretary for Economic Policy and
Chief Economist, has been named the inaugural James R. and Helen
D. Russell Professor of Finance. Her finance and macroeconomics
research examines the interaction of spending and investment
choices with the macroeconomy. 
Jim and Helen are survived by their daughter, Dr. Jean Russell. 
“I’m thrilled that this gift will honor my father’s talent in
business and finance,” said Dr. Russell.  “My parents would be
delighted to know that their legacy will live on to support
business education and scholarships and the work of Kellogg’s
world-class finance faculty.” 
(bjh) NY 
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