Purdue University on Friday announced plans to reimagine its current School of Management into a new School of Business. The university says the announcement includes doubling the size of its existing building and an expansion of faculty and student enrollment.
Purdue says it will make a “substantial” investment in the effort, though a specific dollar figure was not immediately given. The university also plans a major fundraising effort, which includes a $10 million gift from alumnus Marshall Larsen and his wife, Susan.
The new school, according to Purdue, aims to “prepare tomorrow’s leaders and entrepreneurs, grounded in the hallmarks of a Purdue education, including STEM disciplines and business analytics.”
“Students in Purdue’s new School of Business will receive a well-rounded education, including the history, philosophy and economic theory of free market systems, and a firm grounding in the liberal arts and the communication skills that come with it,” Purdue President Mitch Daniels said in written remarks. “They will enter the world proud of the careers they have chosen and thoroughly prepared for leadership and managerial excellence in the most technologically complex fields.”
Purdue’s School of Management has grown by nearly 33% since 2019, according to the university. Purdue says the new school will build on the success of its Integrated Business and Engineering (IBE) degree, Business Analytics programs, the new Dean V. White Real Estate Finance program, and the Larsen Leaders Academy, for which the Larsens also gave a major gift to establish.
The university says the new school will be known as the Purdue School of Business initially, though it was not immediately clear if the graduate school will maintain the Krannert name.
Purdue plans to begin the first phase of enhancements in the fall of 2023, including student enrollment growth and additional faculty.
A timeline for construction on the addition to the school building was not provided.