In 1972, 37-year-old Russell Palmer took over the leadership of Touche Ross, a predecessor of Deloitte & Touche, becoming the youngest managing partner of a Big Eight firm. "With clear goals," he remarked, "we can operate as a group of individuals, with different backgrounds, specialties, interests, and responsibilities, who will be united to maximize the thrust of our firm."

Palmer demonstrated strength of his vision by leading the firm through a decade of expansion, doubling annual revenues. He was also a driving force behind the growth of Management Consulting, foreseeing corporate America's growing reliance on the profession for an increasingly broad range of business advice.

A graduate of Michigan State, Palmer joined the firm's Detroit office in 1956. He later moved to Denver before taking on the position of partner-in-charge of the Philadelphia office. In 1982, after serving as managing partner, Palmer became CEO of Touche Ross International for several years and then became Dean of the Wharton School of Business at the University of Pennsylvania.