The Wharton School is deeply saddened by the passing of Russell E. Palmer Jr., an investor and philanthropist who helped transform business and health care education as dean of the School during the 1980s and later as a University of Pennsylvania trustee. He passed away June 14, 2025, at the age of 90.
“Every dean at Wharton stands on the shoulders of those who came before them, hoping to build on their success and commitment to the school. Mr. Palmer’s legacy is one that I still see here more than 35 years later. The positive changes he made are deeply embedded in our culture of excellence, and we’re grateful for his leadership,” Wharton Dean Erika James said.
Palmer’s distinguished career began in 1956, when he graduated with a bachelor’s degree in accounting from Michigan State University and joined Touche Ross & Co, which is now Deloitte. He rose to managing partner and CEO at 37, becoming the youngest person at the time to head a “Big 8” accounting and consulting firm. After leading the company through a decade of expansion, he left in 1983 to be the first Wharton dean appointed from the private sector and only the second non-faculty appointment.
Much like his work in redefining management consulting, Palmer also reimagined Wharton during his seven years at the helm. Under his “Plan for Preeminence,” the school developed an extensive program of internationalization, entered the field of executive education by establishing the Aresty Institute of Executive Education and the Steinberg Conference Center, created three major research centers, and laid the groundwork for a far-reaching restructuring of the MBA curriculum. Under his leadership, Wharton attracted more than 100 new faculty members, tripled the number of endowed chairs, raised more than $100 million, and increased Wharton’s endowment fivefold.
“He not only transformed Wharton, but the industry at large. Many of the practices he brought to the school we still have today and have been adopted by others,” Wharton marketing professor David Reibstein said, noting that Palmer began a periodic external review by faculty at peer institutions. It was an audit practice borrowed from his accounting experience that is now common in higher education.
When Palmer first arrived on campus, Reibstein feared he would run the school like a business rather than an academic institution meant to educate students and incubate research. But Palmer quickly changed Reibstein’s mind and gained his trust. In 1987, he appointed Reibstein as vice dean of the graduate division of the school.
“Russ was a great leader. He was extremely clear with his goals and objectives for the school but gave me more than ample leeway to navigate as I saw fit,” Reibstein said. “He provided structure, set out a strategy, and how we should evaluate our progress towards those goals, but felt comfortable leaving academia to the academics.”
Their professional relationship grew into a friendship that lasted long after Palmer stepped away from the deanship.
“Russ was not just my boss, he also was my friend,” Reibstein said. “We would continue to get together and have lunch or dinner. I went to his son’s wedding, and he came to my daughter’s bat mitzvah. We went to jazz clubs together, drank wine, and smoked cigars.”
Palmer left Wharton in 1990 to start his own private equity firm, The Palmer Group, in Philadelphia. But his active connection to the school continued. He joined Penn’s Board of Trustees from 1991 to 2001 and served on the executive, audit, internationalization, and compensation committees, and as vice chair of the board. From 1999 to 2002, Palmer also was Chair of the Trustee Board of the University of Pennsylvania Health System, the Health System Trustee Board Executive Committee, and the University of Pennsylvania Medical Center Trustee Board. The health system faced a financial crisis during that time, and Palmer worked with Penn leadership on a restructuring that led to a resurgence as Penn Medicine. Penn President J. Larry Jameson and Trustees Chair Ramanan Raghavendran said that the university was very grateful to have had Palmer’s expertise during a time of challenge and opportunity for the school.
While at the Palmer Group, Russell combined his knowledge and interest in education with his expertise in investing to acquire numerous firms in the post-secondary and professional training domains. Portfolio companies listed on their website include Salem University LLC, Schiller International University, and American Education Centers Inc., which operates for-profit junior colleges in several states. The Palmer Group also invested in a number of enterprises with Palm Ventures, chaired by his son Bradley, a member of the Wharton MBA Class of 1988.
Palmer was active on the boards of dozens of organizations, including Verizon, Goodyear, the Smithsonian Institution, the National Constitution Center, Main Line Health, the Mann Center for the Performing Arts, and the Johns Hopkins Carey Business School. He was also a published author, writing Ultimate Leadership: Winning Execution Strategies for Your Situation, to share his business expertise with others. His writing also appeared in Business Week and The New York Times, and numerous trade publications.
Palmer leveraged his success to become an impactful philanthropist. He and his wife, Wendy, established the REP Family Foundation to provide leadership, support services, education-focused programs, scholarships, and financial support to independent schools, charter schools, and many nonprofit organizations.
In 2017, he and Wendy, donated $2 million to Michigan State University, his alma mater, for the construction of the Russell Palmer Career Management Center, a pavilion that consolidates services and support for business students searching for employment after graduation. He also is honored with an accounting professorship at MSU.
His honors at Penn include professorships in management and ESG at Wharton, the Wharton Dean’s Medal, and a lifetime achievement award from Wharton’s Zell/Lurie Real Estate Center. His name is bestowed on a Wharton Crew Club shell and an endowed scholarship for Wharton undergraduate students. He also was a passionate advocate for the Netter Center for Community Partnerships and established the Russell Palmer Fund there to support its career mentoring program.
“He was inspirational — clear in his vision, respectful of others, and never hesitated to tell you what he thought, even if you didn’t want to hear it,” Reibstein said.
Palmer is survived by his wife, Wendy; his children, Bradley, Stephen, Russell, and Karen, who is also a Penn graduate; and 16 grandchildren, including Katherine, Elizabeth, and Teddy. Katherine and Elizabeth also graduated from Penn, and Teddy is a member of the Class of 2029. He is also survived by his former wife, Phyllis (Hartung) Palmer.
Family and friends are invited to attend a Celebration of Life Service on Saturday, June 28, 2025, at 11 a.m., at the First Presbyterian Church in Philadelphia, 201 South 21st St. (parking is available at Metropolis, 2107 Sansom St.).
Contributions in his memory can be made to the Children’s Scholarship Fund Philadelphia.
