Booz & Company
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| Type | Private |
|---|---|
| Industry | Management consulting |
| Founded | 1914, by Edwin Booz |
| Headquarters | 101 Park Avenue, Manhattan, New York City, New York, U.S. |
| Number of locations | 60 offices in 33 countries |
| Key people | Shumeet Banerji (CEO) Joe Saddi (Chairman) |
| Revenue | $1.1 billion (2008)[1] |
| Employees | 3,000[2] |
| Website | www.booz.com |
Booz & Company is a global management consulting firm established in the United States in 1914.[3] It is recognized as one of the most prestigious management consulting firms in the world[4] and one of the best consulting firms to work for by Consulting Magazine.[5] Booz and Company is among the top recruiters of graduates of the top-ranked business schools in the world, in addition to hiring first-rate people with advanced degrees in science, medicine, engineering and law.
The company has 60 offices in 33 countries and consults to the world’s top businesses, governments and organizations. 75 of the world's largest 100 corporations are Booz and Company clients and the firm has been involved in some of the most celebrated business episodes of their day, including the dawn of the contract system for Hollywood movies, the merger of the National and American football leagues, and the rescue of the Chrysler corporation from bankruptcy.[6]
The company was spun off from Booz Allen Hamilton in conjunction with a private equity takeover by The Carlyle Group in 2008.[7] The firm represents the commercial portion of the consulting business, as well as all consulting operations with government entitites outside the United States. Booz Allen Hamilton was then focused exclusively on U.S. government consulting endeavors. However, as Booz Allen Hamilton's three-year noncompete provision has expired, it is now building out its commercial consulting practice anew.[8]
The company purchased Katzenbach Partners for an undisclosed sum in 2009.[9]
Contents |
[edit] History
After graduating from Northwestern University in Chicago in 1914, Edwin Booz developed the business theory that companies would be more successful if they could call on someone outside their own organizations for expert, impartial advice.[10] This theory developed into a new profession — management consulting — and the firm that would bear his name. Booz established a small consulting firm in Chicago, and, two years later, he and two partners formed the Business Research and Development Company, which conducted studies and performed investigational work for commercial and trade organizations. This service, which Booz labeled as the first of its kind in the Midwest, soon attracted such clients as Goodyear Tire & Rubber Company, Chicago's Union Stockyards and Transit Company, and the Canadian & Pacific Railroad."[11]
By the end of the 1950s, Time Magazine dubbed the firm "the world's largest, most prestigious management consulting firm."[12]
In 1970, Booz Allen went public with an initial offering of 500,000 shares at $24 per share. Trading continued through 1976.[12]
[edit] Notable contributions
Over the years, Booz has been credited with developing some of the most important concepts in business. Most notably, the firm coined the terms and developed the concepts of supply chain, supply chain management, product life cycle, the PERT Chart, and the Organization DNA.[13][14]
The firm publishes the majority of its thought leadership in its quarterly management magazine Strategy+Business, which in 2009 was one of just two business magazines to grow its circulation, along with The Economist.[14] The publication's founding Editor-in-Chief Joel Kurtzman was a former Harvard Business Review Editor-in-Chief. While at Strategy+Business, he coined the widely-used term thought leader.[14]
In 2010, the independent White Space report on consulting firms' thought leadership, ranked Booz as first in foresight because of "the consistently interesting and topical writing in strategy+business".[15]
The Katzenbach Center at Booz & Company has generated pioneering research on the importance of fostering companies' informal organization to improve corporate performance. In a white paper entitled "Fast Track to Recovery"[16] and the book Leading Outside the Lines,[17] Booz Partner Jon Katzenbach uses various case studies to illustrate the exchange between the formal and the informal elements of organizations.
[edit] Prominent assignments
Booz & Company has had a hand in several notable private and public engagements throughout its years. The dawn of the contract system for Hollywood movies, the merger of the National and American football leagues, the rescue of the Chrysler Corporation from bankruptcy, and the creation of Deutsche Telekom from government agencies that had grown up on both sides of the Iron Curtain all involved Booz assignments.[18]
[edit] Offices
[edit] North America
[edit] South America
[edit] Europe
[edit] Middle East
[edit] Asia
[edit] Australia, New Zealand & South East Asia
[edit] Competitors
Booz and Company has three main competitors in the market to provide C-level strategy services to Fortune 500 companies and major government institutions: McKinsey & Company (McKinsey), The Boston Consulting Group (BCG), and Bain & Company (Bain).[19]
Booz and Company also competes with other major strategy consulting firms, namely Roland Berger Strategy Consultants, A.T. Kearney, Oliver Wyman, Arthur D. Little and Monitor Group.
[edit] Recruiting
In 2007, the firm had roughly 150,000 applicants and 1,033 new jobs.[20] The firm is among the leading recruiters of graduates of top-ranked business programs in the US and overseas. Booz & Co. is the second largest recruiter at Columbia Business School,[21] and the fourth largest recruiter at Harvard Business School.[22] In Europe, Booz is the third largest recruiter at London Business School[23] and INSEAD.[24]
The firm operates on a modified version of the Cravath System, under which employees on certain career paths are promoted within a certain time frame or "counseled out".[13]
[edit] Notable companies founded by current and former employees
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Other
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[edit] Staff & Alumni
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This section relies on references to primary sources or sources affiliated with the subject, rather than references from independent authors and third-party publications. Please add citations from reliable sources. (August 2010) |
[edit] Notable Employees
- George Appling: Partner[26] — Former President & COO, Brightstar Corporation; founder and former CEO, Xelibri; former Chief Strategy Officer, Siemens Mobile[27]
- Jihad Azour: Partner[28] — Former Finance Minister, Lebanon
- Jon Katzenbach: Senior Partner[29] — Former McKinsey Managing Partner; Founder of Katzenbach Partners
- Kenneth Kurtzman: Senior Partner[30] — Former General Manager and Strategic Planning Executive, Compaq[31]
- Thomas A. Stewart: Chief Marketing and Knowledge Officer[32] — Former Editor-in-Chief, Harvard Business Review
[edit] Alumni in Business
Booz employees have been known to exit into industry after consulting, as clients often look to hire them. Below is a list of former employees prominent in industry.
- Abigail Johnson — Vice Chairman, Fidelity Investments[33]
- Alex Oliver — Founding Partner, Oliver Wyman[34]
- Andrew Stern — CEO, SunGard Availability Services[35]
- Ari Bousbib — CEO, IMS Health; former President, United Technologies[36]
- Arthur D. Collins, Jr. — Former CEO and Chairman of the Board, Medtronic Inc.; Board of Directors, Boeing; Board of Directors, Alcoa, Board of Directors, US Bancorp, Senior Advisor, Oak Hill Capital[37]
- Azran Osman Rani — CEO, AirAsia X
- Barry McCarthy — Venture Partner, Technology Crossover Ventures; former CFO, Netflix; Board of Directors, Eventbrite, Chegg, Pandora, Wealthfront[38]
- Bill Jackson — Executive Vice President, Operations and Innovation, Johnson Controls [39]
- Bill Wyman — Founding Partner, Oliver Wyman[34]
- Bob Bakish — CEO, Viacom International Media Networks[40]
- Brian Murray — President and CEO, HarperCollins Publishers[41]
- Charles L. Teschner, Jr. — Executive VP of Global Strategy, McGraw-Hill Companies[42]
- Conrad Winkler — Executive Vice President, Long Products Group, Evraz Inc NA [43]
- Christopher Bland — Chairman, Royal Shakespeare Company; former Chairman of British Telecommunications; former Olympic fencer
- Daniel Weiss — President, Lafayette College
- David Newkirk — CEO of Executive Education, University of Virginia's Darden School
- David Steinberger — President and CEO, Perseus Books Group
- Deven Sharma — President, Standard & Poor's
- Eric Spiegel — President and CEO, Siemens Corporation
- Florent Perrichon — President and CEO, Cerruti
- Gerry Horkan — Senior Vice President of Corporate Strategy, Yahoo!
- Ghassan Hasbani — CEO STC International, Saudi Telecom Company
- Gregory Fleming — President, Morgan Stanley Investment Management; Senior Research Scholar, Yale Law School; former President and COO, Merrill Lynch
- Ivan Menezes — President, North America and Chairman, Asia Pacific, Diageo
- Indra Nooyi — Chairman and CEO, Pepsi
- Jim Rosenthal — CEO, Kaplan Professional
- Joanna Earl — COO, Current TV
- Joe Simon — EVP & CIO, Viacom
- John K. Giannuzzi — Managing General Partner, Sherbrooke Capital; Board of Directors, Advanced BioNutrition, Outside the Classroom, VetCentric, Affinnova, Boathouse Sports, Food Should Taste Good, Ciao Bella Gelato, and Adina[44]
- Jonathan S. Bush — President, CEO, and Co-founder of athenahealth
- Jon Pundyk — CEO, Glamorise Foundations[45]
- Jorge Espinel — Executive Vice President of Strategy and Corporate Development, News Corporation
- Josh Silverman — CEO, Skype
- Jurgen Buser — Group CFO, Thomas Cook Group
- Keith Fox — President, BusinessWeek
- Letícia Costa — Partner, Prada Assessoria; Board of Directors, Technip[46]
- Lindley Scarlett — President, Annin & Co.
- Lisa Shalett — Chief Investment Officer, Merrill Lynch; former CEO, Sanford Bernstein
- Luke M. Lambert — CEO, ASCOA - Ambulatory Surgical Centers of America[47]
- Maarten Jager - CFO, Diageo North America
- Mark Moran — CEO and President, MetroHealth
- Martín Redrado — President, Central Bank of Argentina
- Melanie I. Nallicheri — Senior Vice President, Corporate Development, Cell Therapies, Geron Corporation[48]
- Michael S. Gliedman — SVP, Chief Information Officer, National Basketball Association
- Michael Wolf — former COO and President, MTV Networks and COO Activate
- Mitch Quint - CEO, Formica North America
- Nancy McKinstry — CEO, Chairman of the Executive Board, Wolters Kluwer
- Neil McArthur — Chairman and CEO, ARCADIS [49]
- Pascal Cagni — General Manager Europe, Apple
- Paul Idzik — former COO, Barclays PLC
- Randy Lake — Executive VP & General Manager, Sony Pictures Imageworks
- Raymond J. Lane — Chairman, Hewlett Packard; Partner, Kleiner, Perkins, Caufield & Byers; former President and COO, Oracle Corporation
- Rhonda Germany — VP of Strategy & Business Development, Honeywell Inc.
- Richard M. Beyer — Chairman of the Board and CEO, Freescale Semiconductor
- Richard Gay — Executive VP, Strategy & Operations, MTV and VH1 Networks
- Rohit Bhagat — COO, Barclays Global Investors
- Sanju Bansal — COO & Vice Chairman, MicroStrategy
- Steven Heyer — CEO, Harry & David; Director, Lazard; former CEO, Starwood Hotels; former President and COO, Coca-Cola; former President, Turner Broadcasting
- Tim Collins — Founder and Chief Executive of Ripplewood Holdings
- Todd Larsen — President, Dow Jones & Company
- Tom Hansson — Senior VP of Strategy & Corporate Development, Sara Lee Corp.
- John McCue - Billionaire Investor
[edit] Alumni in Politics and Public Service
- Wendy Alexander - Labour Party Leader and Member of the Scottish Parliament (MSP).
- Karol Joseph "Bo" Bobko - Retired United States Air Force officer and a former USAF and NASA astronaut.
- Keith R. Hall - Director, National Reconnaissance Office (1997–2001); formerly Executive Director for Intelligence Community Affairs
- Steve Isakowitz - Department of Energy Chief Financial Officer. Former Deputy Associate Administrator, NASA, 2002–2005
- William Benjamin "Bill" Lenoir (Ph.D.) - Former NASA astronaut.
- George E. Little - Media Relations, Central Intelligence Agency (2007-)
- John M. McConnell - Director of National Intelligence (2007-); formerly Director of the National Security Agency (1992–96); retired in 1996 as Vice Admiral, United States Navy
- Zoran Jolevski - Ambassador of the Republic of Macedonia in the US.
- Thomas S. Moorman Jr. - Commander, Air Force Space Command (1990–92); Vice Chief of Staff, U.S. Air Force (1994–1997)
- Michael C. Mullen - Assistant Commissioner, U.S. Customs and Border Protection
- Patrick Gorman - Chief Information Officer (CIO), and Assistant Deputy Director National Intelligence (ADDNI), Strategy, Plans, and Policy, ODNI
- Andrew Turnbull - Member, House of Lords (upper Parliament), United Kingdom (2005-); Head of British Civil Service (2002–2005)
- Melissa Hathaway - Director, National Cyber Security Initiative
- General Frederick Frank Woerner, Jr. - Retired United States Army general and former commander of United States Southern Command.
- R. James Woolsey, Jr. - Director of Central Intelligence Agency (1993–95)
- Dov Zakheim - U.S. government advisor
[edit] See also
- McKinsey & Company
- Boston Consulting Group
- Bain & Company
- Booz Allen Hamilton
- Roland Berger Strategy Consultants
- A.T. Kearney
- Oliver Wyman
- Arthur D. Little
[edit] References
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