Nearly two years ago, KPMG Consulting, Inc. broke away from accounting firm KPMG. The new company was publicly traded on the NASDAQ as KCIN. Today, KPMG Consulting, Inc. is rebranded with a new name, a new ticker symbol, and a new stock exchange.
In a press conference Wednesday morning, KPMG Consulting's Chairman and CEO Rand Blazer introduced to the world the new company name, BearingPoint, Inc. Today, Mr. Blazer and other members of the management team open trading at the New York Stock Exchange by ringing the opening bell and welcoming their new ticker symbol, BE, to the stocks traded there.
"Through the launch of BearingPoint, we have established a brand that transfers the equity of our 100-year heritage, has literal meaning and gives our 16,000 employees a new beginning as a unified company," said Mr. Blazer in a company press release. "As BearingPoint we will continue providing business integration services that propel our clients to reach their business goals. We do what BearingPoint literally means: setting direction to achieve end results."
Rebranding the company will cost an estimated $20 to $40 million and will begin immediately with an advertising campaign highlighting the catchphrase, "Business and Systems Aligned. Business Empoweredâ¢." Some advertisements will feature one of the more visible signs of the former KPMG Consulting, golfer Phil Mickelson, who wears the KPMG Consulting brand on his golf visor. Mr. Mickelson has made commercials for the company in the past. In new commercials he will sport the new visor with the BearingPoint logo.
Other immediate costs of new branding include new business cards and e-mail addresses for 16,000 employees, a new Website at www.bearingpoint.com, and new signs in 188 offices worldwide.