PwC Consulting intends to change its name to Monday when it completes its planned IPO (initial public offering) and spin-off from accounting firm PricewaterhouseCoopers, the company announced recently.
Newly named PwC Consulting president and CEO Greg Brenneman said the name Monday is exactly what PwC Consulting was after: "A real word, concise, recognisable [and] global." Brenneman, who previously ran his own corporate turnarounds consultancy, was named PwC Consulting's chief executive earlier this month.
While PwC Consulting's planned IPO and separation from its accounting-focused parent is a positive and necessary step, its unusual new name is a bit of a dubious choice, said Michele Cantara, a consulting and systems integration services analyst with Gartner's Dataquest unit.
"I don't think the name underscores many of the attributes that are necessary for PwC to position itself as a leader in business transformation services," Cantara said. "I think they were looking for the name to convey change and a new start, and while it does that, I think it has some negative connotations."
It will take time for employees to adjust to the new name, PwC Consulting acknowledged in an internal memo recently sent to its worldwide staff.
"'I work for Monday!' Some of you may be imagining yourselves saying that. And it really doesn't have much impact yet . . . We are all going to go through a process of getting used to [the name]," PwC Consulting said in the memo, signed by Brenneman and PwC Consulting chairman Tom O'Neill. "Initial reactions will change -- as will the associations -- mainly as a result of our own behaviours and communications."
PwC Consulting is set for an early August IPO, intended to raise up to $US1 billion. Avoiding conflicts of interests by separating from PricewaterhouseCoopers' auditing operations is the IPO's primary purpose, PwC Consulting said in its registration filing with the US Securities and Exchange Commission.
"Essentially all of the Big Five [accounting firms] are going to end up being separate," Gartner's Cantara said. "PwC needs to do this. I think it would be more distracting for them to remain the only integrated firm and deal with all the Enron fallout."