Building on its analytical strengths, the school founds the Managerial Economics and Decision Sciences Department, which will attract outstanding scholars who create new frameworks rooted in mathematics, economics and game theory. Professor Stanley Reiter, who arrived in 1967, was instrumental in this effort. Among those joining the faculty would be: Mort Kamien, David Baron, Mark Satterthwaite, Ehud Kalai and Nancy Schwartz, the school’s first female faculty member appointed to an endowed chair.

Faculty members begin to develop the Graduate School of Management’s MBA Core Program. Meanwhile, more quantitatively oriented professors join the school. Over the next few years important faculty such as Morton Kamien, Nancy Schwartz, John Roberts, Mark Satterthwaite, and Ehud Kalai join the school. Schwartz becomes the school’s first female faculty member ever appointed to an endowed chair.

Professors Philip Kotler and Sidney Levy publish a groundbreaking paper that expands the concept of marketing well beyond the corporate world. “Broadening the Concept of Marketing” appears in the Journal of Marketing and begins a vigorous discourse that transforms the marketing discipline. Kotler also had published, in 1967, Marketing Management, a text that would remain a bestseller for decades and dramatically rewrite marketing’s rules.

The School of Business is now the Graduate School of Management. The MBA, meanwhile, is renamed the Masters of Management (MM) degree, reflecting the school’s view that management is a tool suitable for all kinds of professional settings, not just the corporate world. As a result, the school emphasizes the degree’s utility for nonprofit and government practitioners, as well as for those in business.

The school launches a student orientation program known as Conceptual Issues in Management (CIM) The initiative would prove enduring and popular as a way to introduce all incoming students to the school’s academic culture, which was growing increasingly collaborative—a quality that would distinguish the school from its peers.

As part of a shift toward producing graduates that excel in team leadership, the Conceptual Issues in Management (CIM) orientation begins. The dynamic program introduces all incoming students to the collaborative culture that will eventually gain the Kellogg School national repute. The orientation, which will continue developing, will later be renamed Complete Immersion in Management.

Chicago businessman Nathaniel Leverone donates $5 million to the school, which uses the money to break ground in Evanston for its new home, Leverone Hall. The building is erected on the spot where Memorial Hall (a.k.a. “The Little Red Schoolhouse”) had stood.

Finance professors Donald P. Jacobs and Eugene Lerner establish the Banking Research Center, which helps the school recruit new professors whose research is focused on substantive business problems.

Influential faculty member Robert B. Duncan arrives at the school. A graduate of the Yale doctoral program in organizational behavior, Duncan will enjoy a long tenure at Northwestern from 1970 until 2001, during which he would serve in a variety of roles, including associate dean for academic affairs, chair of the Organization Behavior Department, the Richard L. Thomas Professor of Leadership and Change, as well as Northwestern University provost under President Arnold R. Weber from 1987-1991. Duncan will be credited as being among those who help cultivate the school’s team-oriented learning environment.

Nathaniel Leverone Hall opens in Evanston, and the full-time graduate program moves from Chicago to occupy the new facility. The school’s part-time curriculum, The Managers’ Program (TMP), remains in Wieboldt Hall in downtown Chicago. The undergraduate program is now completely phased out. With Leverone Hall’s completion, the Graduate School of Management is able to consolidate its full-time day program in Evanston comfortably. Leverone contains extensive computer facilities, several research centers and a behavioral science laboratory in addition to classroom and office space. The management library collection, which had been located in the Schaffner Library in Wieboldt Hall, is transferred to the Deering Library in Evanston. The library is connected to Leverone by an underground tunnel.

Stanley Reiter establishes the Center for Mathematical Studies in Economics Management.

The school introduces a joint degree program with Northwestern’s School of Law.

After an extensive two-year search to replace retiring dean John Barr, Donald P. Jacobs, professor of finance at Northwestern since 1957, is named the school’s tenth dean. Dean Jacobs received his doctorate from Columbia University and had served in various key academic and governmental posts, including as senior economist to the Banking and Currency Committee of the U.S. House of Representatives from 1963 to 1964 and as co-staff director of the Presidential Commission on Financial Structure and Regulations (the Hunt Commission) from 1970 to 1971.

Upon assuming the deanship, Jacobs immediately began pursuing an ambitious and long-held goal of bringing theory and practice together, particularly at the executive education level. He believes that given the evolving complexities of modern organizations — including the information technologies that continue to grow more sophisticated — leaders must adopt a “lifelong learning” model to remain successful and current. To that end, Jacobs in his long tenure will advocate and advance revolutionary programs designed to serve executives. At the same time, he and his colleagues will cultivate the school’s collaborative learning environment, believing that modern business demands leaders who can work effectively in teams. Teamwork will become a hallmark of the school.

Professor Ram Charan receives the school’s first Outstanding Professor of the Year Award, honoring his achievements in academic research.

After the resignation of Ralph Westfall, associate dean for academic affairs, the school creates a framework that leverages the talents of three faculty members, each of whom was to serve three-year terms as associate dean on a revolving basis. Robert B. Duncan, professor of organization behavior, Hervey A. Juris, professor of industrial relations and urban affairs, and Morton I. Kamien, professor of managerial economics and decision sciences, and named to the role.

The school introduces the Executive Master’s Program, a key part of the lifelong learning model that Dean Jacobs advocates for leaders who wish to remain effective in a rapidly changing and technology-driven business world.