James Levine, 73, has been named the first Conductor Laureate of the Ravinia Festival, the oldest outdoor music festival in North America. In 2017 he will return to the festival where he served as music director for more than two decades, ending his tenure in 1993. His contract runs for 5 years and Levine will conduct several performances during two weeks of the Chicago Symphony’s six-week summer residency starting next year. Levine will also work with participants in the Steans Music Institute, Ravinia’s professional summer conservatory, the festival said. Levine and executive director Edward Gordon created the institute 1988.