Krakoff, a b-to-b media publishing veteran who had been running Nielsen Business Media, died late last month of an apparent heart attack at the age of 72.
"Dedicating a leadership development award in his name will help remind us all of his extraordinary contributions and is entirely consistent with the values that were so important to him," said Lawson Hockman, EIF chairman, in a release.
An EIF task force is drafting criteria and guidelines for the award. The first award will likely be presented during the International Association for Exhibition Management's Expo! Expo! in December in Orlando, Fla.