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Who managed large corporations during the first half century of their emergence? How did modernizing firms navigate periods of rapid technological change such as those that swept the U.S. economy in the late nineteenth and early twentieth centuries? What role did engineers play in the management of large corporations? This paper draws on an original database of tens of thousands of mining and metallurgical engineers who graduated from universities during this period, examining patterns in their employment records, job descriptions, and career trajectories, matching our data on individual engineers with a linked database of mining and metallurgical corporations. We trace two distinct phases in engineers’ managerial role that corresponded to periods of rapid technological change and technological quiescence in the industry. We argue that explaining the rise of the modern corporation and the historical dynamics of corporate management requires a better understanding of technical expertise in management.