Strategy&

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Strategy&
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 57 offices around the world
Key people Cesare Mainardi (CEO)
Tony Poulter (Chairman)
Revenue $1.3+ billion (2011)
Employees 3,000[1]
Website www.booz.com

Strategy& (Formerly Booz & Company) is a global management consulting arm of assurance and management consulting firm PricewaterhouseCoopers established in the United States in 1914.[2] The firm was acquired by PwC on April 4, 2014, and is active in a broad range of sectors, including Energy, Healthcare, Financial Services, Chemicals, Telecommunications, Automotive, Aerospace, Media, Technology and FMCG.

The company has 57 offices around the world. 70 of the world's largest 100 corporations and 400 of the largest 500 US corporations are Strategy& 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.[3] More recently, the firm has played a major role in working with prominent health systems and payors following the passage of the Patient Protection & Affordable Care Act.

On October 30, 2013, it was announced that PwC will buy and merge with Booz & Company, including the company's name and its 300 partners, after a December vote of the Booz & Company partners authorizes the deal.[4] The deal closed on April 4, 2014, and the firm was formally renamed to Strategy&.[5]

History[edit]

After graduating from Northwestern University in Evanston, Illinois in 1914, Edwin G. 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.[6] 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."[7]

By the end of the 1950s, Time Magazine dubbed the firm "the world's largest, most prestigious management consulting firm."[8]

In 1970, Booz Allen went public with an initial offering of 500,000 shares at $24 per share. Trading continued through 1976.[8]

The company was spun off from Booz Allen Hamilton in conjunction with a private equity takeover by The Carlyle Group in 2008.[2] 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 focusing on technology integration and cybersecurity programs.[9]

Recent M&A[edit]

The company purchased Katzenbach Partners for an undisclosed sum in 2009, and has since launched the Katzenbach Center focused on the development and application of innovative ideas for organizational culture and change.[10]

In 2012, Axon Advisory Partners joined the company to launch Booz Digital, a full-service team of strategists, designers and technologists who help companies turn ideas into transformational digital businesses.[11]

In April 2013, Booz & Company acquired international consulting firm Management Engineers for its operations expertise and experience in industries such as manufacturing, chemicals and industrials. Through the acquisition, Management Engineers added 17 partners and 145 staff to Booz & Company, along with a market position in Germany, as well as China, the UK and the US.[12]

On October 30, 2013, Booz & Company announced it would be sold to PricewaterhouseCoopers as part of a conditional merger pending regulatory approval and the vote of Booz partners scheduled for December 2013.[13] Booz partner's voted in favor on December 23, 2013,[14] and the deal was closed in early April, 2014. The acquisition, and subsequent change of name from Booz & Company to Strategy&, was announced on April 4, 2014.[15] The name, pronounced "Strategy and", was widely criticized at the time.[16]

Notable contributions[edit]

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 Organizational DNA concept.[17][18]

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.[18] 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.[18]

In 2010, the independent White Space report on consulting firms' thought leadership, ranked Booz & Company as first in foresight because of "the consistently interesting and topical writing in strategy+business".[19]

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"[20] and the book Leading Outside the Lines,[21] Booz & Company Partner Jon Katzenbach uses various case studies to illustrate the exchange between the formal and the informal elements of organizations.

Prominent assignments[edit]

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, the creation of Deutsche Telekom from government agencies that had grown up on both sides of the Iron Curtain, the redesign of MTV programming, the HP-Compaq merger, all involved Booz assignments.[22]

Offices[edit]

North America[edit]

South America[edit]

Europe[edit]

Middle East[edit]

Asia[edit]

Australia, New Zealand & South East Asia[edit]

Competitors[edit]

Booz & Company has several 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), Bain & Company (Bain),[23]Deloitte consulting, Roland Berger Strategy Consultants and A.T. Kearney.

Recruiting[edit]

In 2007, the firm had roughly 150,000 applicants and 1,033 new jobs.[24] 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,[25] and the fourth largest recruiter at Harvard Business School.[26] In Europe, Booz & Company is the third largest recruiter at London Business School[27] and INSEAD.[28]

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".[17]

Notable companies founded by current and former employees[edit]

Staff & Alumni[edit]

Notable Employees[edit]

Alumni in Business[edit]

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.

Alumni in Politics and Public Service[edit]

See also[edit]

References[edit]

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