The purpose of this manuscript is to develop a taxonomy for the governance of elite business schools based on two factors: (i) their geographic dispersion and (ii) the coordination between the main campus, international branch campuses, research centers, and other business schools. The research question that drives this manuscript is: "Are there different types of governance for elite business schools based on differences in the geographic dispersion and the coordination of other units?" The paper contributes to the business school´s internationalization efforts because the research shows a dominant form of governance, the Center of Excellence (CoE). However, the dynamic context of business schools allows three different paths for their internationalization. First, from the CoE to Alliance, schools gradually cooperate with other programs to compete globally. Second, from the CoE to Ecosystem, that occurs when programs grow organically. Third, from the CoE to the Center of Gravity governance; in this case, the CoE moves toward a high level of resources while keeping complexity low because of the lack of interfaces between the business school and other institutions. Finally, some business schools show ambidexterity regarding the governance of their units and subsidiaries.