This chapter analyzes how, as colleges and universities expanded and became more important features of the American institutional landscape, those who occupied senior managerial positions separated themselves more completely from the faculty. They developed features of a professionalized occupation—including separate training programs and formal knowledge bases—albeit one that remained influenced by traditions of shared governance. This separation led to many complaints by faculty members about the rise of a soulless corporate model of university administration. Professionalized management did not weaken the steering capacity of universities—quite the opposite. Yet bottom-line considerations did often intrude in ways that were counterproductive to the educational mission of the institutions.