Chicago: Kellogg gets $17 million gift

Northwestern University's Kellogg School of Management has received $17 million from the estate of a graduate and former Illinois Tool Works Inc. executive.

It's the largest individual gift ever given to the school, a spokeswoman says.

James Russell received a full scholarship to attend what was then Northwestern's School of Commerce. He graduated summa cum laude in 1935 with a degree in business administration and in 1939 he joined Illinois Tool Works. He worked at the Glenview company, which makes a range of products for the automotive, construction, paper, and food and beverage industries, for 40 years, retiring in 1979 as the company's chief financial officer. Mr. Russell died in 2011.

The money will fund the creation of the Russell Fellows Program, a new master's in management studies degree program offered at Kellogg, and establish a chaired professorship in Kellogg's finance department. The pilot Russell Fellows program launched in July with 25 students.

The school will also name a lake-view lounge in Kellogg's new lakefront global learning center, which is scheduled to open in late 2016, after Mr. Russell and his late wife, Helen.

"The very generous bequest from Jim and Helen Russell comes at a transformative and exciting time for Kellogg," said Kellogg Dean Sally Blount in a statement. “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 ITW.”