The University of Chicago's Kellogg Graduate School of Business
GSB's Naming Rights Sold to Alumnus Allen Kellogg
Andrew Van Fossen
Issue date: 4/1/05 Section: GSB Life
In reflecting on why he wanted to put his name on the GSB, Kellogg muses. "I was never really all that great at this business thing. Call it bad luck or just bad business intuition, but none of my companies exist anymore ... each has gone bankrupt and the Kellogg name was gone with them.
"I want to take the remaining money daddy left me and put my name on something that will last a heck of a lot longer than anything I was able to build on my own. I think this time I might finally be betting on a winner."
Notes from Kellogg's permanent file still at the GSB and recovered by ChiBus revealed the following quotes: "Kellogg persists in arguing about the time value of money ... he quite simply cannot believe that money today is worth more than it is in the future," "I would fail him if it weren't for his father," "Mediocre student at best, make sure endowment fund does not invest in any project in which he is involved ... oh wait, we don't have an endowment..."
The Kellogg family will have an ongoing relationship with the KSB through two of Allen Kellogg's grandchildren starting in the class of 2007. Allen III has been busy over the past two years as an executive of the Texas Rangers baseball team after he left Enron Corporation where he was on the internal audit staff. Arben Kellogg will shortly be returning from Iraq having worked for Halliburton for the past 2 years. Dean Snyder commented, "We look forward to welcoming such accomplished members of the Kellogg family into our community."
THE DEAL
According to Dean Snyder, this deal will change the way that people think about the GSB or Kellogg School of Business.
With the new name, the GSB will be able to "free ride" on the marketing efforts of Northwestern University's Kellogg School of Management. Dean Snyder pointed out that it will be a strategic advantage. "Today we spend $4 million annually on marketing, while Northwestern's Kellogg spends $6 million. With the name change we can decrease our marketing spend while increasing our exposure."
"I want to take the remaining money daddy left me and put my name on something that will last a heck of a lot longer than anything I was able to build on my own. I think this time I might finally be betting on a winner."
Notes from Kellogg's permanent file still at the GSB and recovered by ChiBus revealed the following quotes: "Kellogg persists in arguing about the time value of money ... he quite simply cannot believe that money today is worth more than it is in the future," "I would fail him if it weren't for his father," "Mediocre student at best, make sure endowment fund does not invest in any project in which he is involved ... oh wait, we don't have an endowment..."
The Kellogg family will have an ongoing relationship with the KSB through two of Allen Kellogg's grandchildren starting in the class of 2007. Allen III has been busy over the past two years as an executive of the Texas Rangers baseball team after he left Enron Corporation where he was on the internal audit staff. Arben Kellogg will shortly be returning from Iraq having worked for Halliburton for the past 2 years. Dean Snyder commented, "We look forward to welcoming such accomplished members of the Kellogg family into our community."
THE DEAL
According to Dean Snyder, this deal will change the way that people think about the GSB or Kellogg School of Business.
With the new name, the GSB will be able to "free ride" on the marketing efforts of Northwestern University's Kellogg School of Management. Dean Snyder pointed out that it will be a strategic advantage. "Today we spend $4 million annually on marketing, while Northwestern's Kellogg spends $6 million. With the name change we can decrease our marketing spend while increasing our exposure."