Strategy&, part of the PwC network (formerly Booz & Company) Europe


From outsider to insider

Booz & Company is a global consulting firm that advises businesses, government ministries, and institutions around the world on issues of strategy, organization, operations, transformation and information technology. It holds expertise in a vast range of industries, including aerospace, automotive, chemicals, consumer, telecommunications, energy and utilities, financial services, health, industrials, media and entertainment, oil and gas, retail, transportation and others. 

The company, founded in 1914 by Edwin Booz, is one of the oldest consultancies in the world. In its original incarnation, as The Business Research Service,lone staffer Booz conducted studies and investigational services. The name Edwin G. Booz Surveys was adopted in 1924. Despite then carrying a title befitting his one-man operation, Booz brought in two new employees (George Fry and James Allen) in the 1920s, and the firm's work began to draw attention from large clients like Goodyear, the Chicago Tribune, Montgomery Ward and the Canadian & Pacific Railroad. Since then, the list of engagements the firm has worked on is perhaps best described as varied-it includes accomplishments that range from helping to organize the National Football League in the 1960s to advising on the breakup of AT&T in the 1980s, to restructuring Nissan Motors in the early 2000s. Along the way, the company has come up with some revolutionary ideas in the consulting field, and credits itself with inventing concepts such as human capital in the 1940s, product life cycle in the 1950s, supply chain management in the 1980s, smart customization in the 1990s and, more recently, organizational DNA, and Capabilities-Driven strategy.


Down the middle

In May 2008, Booz Allen Hamilton announced that it was splitting its U.S. government business from its global commercial consulting business. In conjunction with the split, the firm sold a majority stake in the U.S. government business to The Carlyle Group for $2.54 billion. The commercial business became Booz & Company, a separate entity owned and run by its existing officers. The U.S. government business continues under the Booz Allen Hamilton name, in partnership with Carlyle. Heading up Booz & Company is U.S.-based CEO Cesare R. Mainardi, who had previously served as Chief Operating Officer of the firm and Managing Director of its North American business, and Chairman Joe Saddi, who is based in the Middle East, where Booz & Company has significant operations.

Why split a successful company? Growing differences between the U.S. government and global commercial businesses had meant that the two groups were run differently and serviced vastly different types of clients. Moreover, after the September 11 attacks, the U.S. government unit's revenue surged well beyond those of the commercial unit. As a combined company, the firm generated over $4 billion in annual sales, with approximately one-third coming from the commercial side, even though two-thirds of the firm's partners worked in that unit.

While CEO at the time Shumeet Banerji made all the right noises at the time of the split about continuing to partner with Booz Allen Hamilton "when our combined expertise helps our clients succeed," the deal struck between the two firms seems likely to undermine any sense of fraternal goodwill: a three year non-compete agreement expired in 2011, leaving both companies free to pursue business wherever they choose.


Hitting the books

Just as its founder did nearly 100 years ago, Booz & Company continues to place a heavy emphasis on research. The firm regularly publishes reports, white papers and books, and even publishes a quarterly magazine, strategy + business. It also produces regular podcasted online talk shows on mergers and acquisitions and videos to promote its leading research.



June 2013

Fit for Growth* Index 

Booz & Company unveiled its new Fit for Growth Index, a quantitative way of measuring a company's readiness to drive profitable growth. The index measures three tangible ingredients of success for companies: first, strategic clarity and coherence around a well-defined set of differentiating capabilities; second, alignment of the resource base and cost structure, and third, a supportive organization-how a firm rewires its structure in order to align more closely with its strategy. 

Booz & Company analyzed nearly 200 public companies across a range of industries, and found a clear correlation between high Fit for Growth Index scores and strong market performance. The study also revealed that less than 20 percent of companies were well-positioned for growth.  The Fit for Growth Index offers clear recommendations for how companies can improve their readiness to grow.

*Fit for Growth is a registered service mark of Booz & Company Inc. in the United States.


April 2013

Booz & Company Closes Acquisition of Management Engineers

The firm announced the acquisition of esteemed international consulting firm, Management Engineers (ME), headquartered in Düsseldorf, Germany. The move brings 17 new partners and 145 staff to Booz & Company and adds a highly complementary market position and functional heritage-particularly in auto/industrials and operations consulting in Germany, China, the United Kingdom, and the United States. The acquisition combines compatible cultures, composed of practical strategists who share a results-oriented philosophy.


The 2012 Chief Executive Study 

Each year, Booz & Company studies chief executive changes at the largest 2,500 global public companies to unearth trends in CEO successions and success. In 2012, the CEO turnover rate grew to 15 percent, outranked only by the turnover rate in 2005. The study also showed an increase in the number of companies actively planning CEO successions: 72 percent of all turnovers were planned, the highest in the 13-year history of the study, indicating companies are seeking to build on the leadership stability offered by an improving economy. The study also examined the rate of and reason for chief executive changes, as well as their geographic and industry distribution.


December 2012

Booz & Company Launches Booz Digital 

Booz & Company announced that Axon Advisory Partners, a Los Angeles-based digital advisory team, had joined the firm to launch a new service offering called Booz Digital. Booz Digital is a full-service team of strategists, designers, and technologists who help companies turn ideas into transformational digital businesses, representing a fundamentally new approach as the first global premier strategy consulting firm to deliver end-to-end digital solutions-from strategy, to design, to execution. 

Read Vault's coverage of the launch of Booz Digital.

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Strategy&, part of the PwC network (formerly Booz & Company) Europe

7 Savoy Court
London WC2R 0JP
Phone: +44 (0)207 393 3333
Fax: +44 (0)207 393 0025


  • Employer Type: Private
  • CEO: Cesare R. Mainardi
  • Chairman: Joe Saddi
  • 2012 Employees: 3,300

  • Major Departments & Practices

    Booz Digital

    Corporate Finance

    Enterprise Strategy

    Digital Business & Technology

    Marketing & Sales

    Mergers & Restructuring


    Organization, Change & Leadership

    Product & Service Innovation

Major Office Locations

  • 57 Offices around the world

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