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

THE SCOOP 

The next chapter…

Strategy& is a global management consulting firm operating under the aegis of Big 4 professional services giant PwC. Formerly Booz & Company, the firm was acquired by PwC inthe spring of 2014, with the intention to marry Booz's strategic capabilities with PwC's global reach and ability to execute. In doing so, the outfit-led by former Booz CEO Cesare Mainardi and PwC Consulting Chairman Tony Poulter-is attempting to offer something that is almost unknown in the consulting industry at present: strategy and execution under the same roof.

 

…is still being written

When it was first announced, the firm's new moniker split the business community into two distinct camps: those who instinctively filled in "Execution" (and hence got the point of it); and those who considered it to be too alternative to succeed in the marketplace. (Note that keeping the Booz brand was not an option: the 2008 split of Booz Allen Hamilton into two separate firms contained a clause guaranteeing that if either unit was acquired, it would drop the Booz name). 

However, a third possibility does exist: that the brand is a temporary placeholder while the two firms figure out a way to fully integrate Booz & Company's capabilities into PwC's existing advisory offerings. In an interview with Consulting magazine in June 2014, PwC's Tony Poulter noted that "'the market will decide' how long the Strategy& brand will continue.' In one extreme, the market could receive it very well and it goes on […] On the other hand, we could transform the PwC brand so that it will clearly speak for strategy through execution. We see this as really interesting because we are testing the power of the co-branding in professional services, and we'll see where that takes us."

 

Capabilities

Whatever happens on the branding front, it seems likely that the firm's industry focus and practice areas are likely to remain the same for the time being: as such, Strategy& will continue to count businesses, government ministries, and institutions around the world as clients, and to provide them with services including strategy, organization, operations, transformation, information technology and, of course, execution. In terms of expertise, meanwhile, the firm's industry focus includes aerospace, automotive, chemicals, consumer, energy and utilities, financial services, health, industrials, media and entertainment, oil and gas, retail, transportation and others.

 

Hitting the books

Another aspect of life that is unlikely to change too much is the firm's heavy emphasis on thought leadership-a trait that goes all the way back to founder Edwin Booz. 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.

 

IN THE NEWS

 

June 2014

Cover story: Strategic thinking
The June cover story of Consulting magazine features Strategy& CEO Cesare Mainardi and Strategy& Chairman/PwC's Global Head of Consulting Tony Poulter explaining the exciting future of the newest consulting juggernaut. Read the article here.

 

April 2014

Most executives agree that their companies spend too much money on low-priority initiatives and cut costs indiscriminately, says new Strategy& survey

A Strategy & survey of over 500 executives warns that companies may be diverting money away from strategically important projects

Executives worldwide say low-priority initiatives get too much funding, cost-cutting isn't strategic and budgeting isn't tightly aligned with strategic planning at their companies.

Those are among the findings of a new survey, the Fit for Growth* index profiler, of more than 500 companies worldwide conducted by Strategy&, a member of the PwC network of firms.

"The findings are concerning. Even in relatively good economic times, companies need to be clinical about cutting back on non-priority areas so they're able to constantly invest in critical capabilities and businesses. Investing a little bit in everything is not going to allow companies to grow; but that appears to be what many companies are doing," said Vinay Couto, Senior Vice President at Strategy&, formerly Booz & Company, and a co-author of the research.

"In a competitive environment, if you don't invest strategically and cut ruthlessly, you'll lose out in time to a competitor who does," he added.

Read the full article here.

 

May 2014

Research on the strategy-execution gap

In a Strategy& survey, executives disclosed that their companies have significant shortcomings when it comes to developing and executing strategy. Indeed, 42% of executives admit they are significantly concerned about at least one barrier to successful strategy and execution and another 54% have some concern; only 4% indicate that they are not concerned about any barrier. Fully 55% of executives believe that their company isn't focused on execution. (The survey garnered responses from 500+ executives at all levels of seniority and from companies of various sizes, geographies, and industries.)

Executives see shortcomings in their company's strategy

It's not that companies aren't trying to execute their strategies. It's that the strategies often aren't implementable and aren't designed to win. Indeed, leaders frequently focus too much on screening the market for opportunities that look interesting and not enough on identifying the strategic opportunities their company is uniquely well positioned to pursue - those that will give them a right to win.

Read the full report here.

 

April 2014

The 2013 Chief Executive Study

This is the 14th year that Strategy& has examined CEO successions and success among the world's top 2,500 public companies. This year the firm focused particularly on women CEOs over the last 10 years.

"Women CEOs are still rare - just 3 percent of this year's incoming class - but they are becoming more prevalent, and we expect that trend to accelerate. In terms of professional background, we found fewer differences between female and male CEOs than we anticipated, but two particularly notable ones: Women are more often hired from outside their company, and women are more often forced out of office."

"We also traveled through time to explore how the role of the CEO has evolved over the past 100 years and made a few predictions for what we think that role will be in 2040 - when today's graduates will be stepping into the CEO position. By 2040, we project that women will make up about a third of new CEO appointments. In addition, CEOs will take charge of strategy, edging out a separate chief strategy officer role, and the chief human resources officer role will expand. These HR leaders will be charged with ensuring that the company has all the resources it needs, including natural resources - they'll be chief resource officers. With CEO tenures averaging about five years, every leader your company chooses between now and 2040 will give you a chance to move closer to the ideal CEO of tomorrow."

Read the full study here.

 

April 2014

Quarter century until about one-third of incoming CEOs at world's largest companies are women, predicts new Strategy& study

Overall trend is positive - More incoming women CEOs than outgoing - But women CEOs are more likely to be forced out than men and less likely to be promoted from inside

The numbers are moving in the right direction: In eight out of the last 10 years, the share of women becoming CEOs of the world's biggest public companies has been higher than the share of women leaving that office. And, over the past five years, the total share of women becoming CEOs was considerably higher than in the prior five-year period (3.6% versus 2.1%).

But despite the upward trend, the numbers are low and wobbly: women made up just 3% of new big-company CEOs in 2013, a 1.3 percentage point drop from 2012.

That's according to Strategy&'s 14th annual Chief Executive Study, which examines CEO turnover and incoming and outgoing CEOs at the world's 2,500 largest public companies. The current study looks at women CEOs over the past 10 years as well as overall succession trends with a focus on 2013's incoming class of CEOs.

The study authors do expect a bit more progress over the next quarter of a century. "As much as a third of the incoming class of CEOs will be women by 2040, based on a 10-year trend in our data, ever higher education of women, continuing entry of women into the business workforce and changing social norms around the world," said study co-author Ken Favaro, Strategy& senior partner.

April 2014

PwC completes its acquisition of Booz & Company

PwC announced the successful completion of its combination with Booz & Company. With the granting of all regulatory approvals for Booz & Company to join PwC, it is now officially part of the PwC Network. All closing conditions for the deal have been met.

Marking the occasion, Booz & Company changed its name to Strategy& (pronounced Strategy and). This new name, which will be used alongside the PwC name and brand, reflects the strength in strategy consulting that Booz & Company brings to the PwC Network and the benefits this deal will bring to all clients and stakeholders. After a short grace period, Booz & Company can't legally continue to use the Booz name following the change in ownership.

Welcoming the Strategy& team to the PwC Network, Dennis Nally, Chairman of PricewaterhouseCoopers International, said, "Today signifies an important step for PwC, our clients and stakeholders. Businesses are navigating unprecedented, disruptive threats and organisations increasingly want the right strategy and the ability to execute it. Together PwC and Strategy& meet this need - delivering superior value to our clients and stakeholders, attracting premium talent and helping businesses around the world build their capabilities on a global scale."

"This combination of PwC and Strategy& will see PwC lead the way in changing the landscape of the global consulting business," added Mr Nally.

"We are delighted to be joining PwC, the leading professional services network in the world, as it enables us to offer both our clients and our people a bigger, broader, and better opportunity to connect strategy to impact," said Cesare R. Mainardi, CEO of Strategy&.

"Strategy& brings a 100-year heritage of practical strategy advice to PwC's broad and deep portfolio of expert advisory services. On day one, we can meet clients' needs for a full menu of strategy-through-execution services, and a single point of access in delivering results. We have the footprint, the scale, the resources, and the proven capabilities to help global enterprises every step of the way from strategy to outcomes. It's an exciting prospect."

PwC Strategy&'s Board of Directors will be chaired by Tony Poulter, a PwC partner and global consulting leader. Cesare Mainardi will be CEO of Strategy&. He has been the CEO of Booz & Company for the past two years.

For more information, please visit www.strategyand.pwc.com.

 

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


101 Park Avenue
18th Floor
New York, NY 10178
Phone: (212) 697-1900
Fax: (212) 551-6732
www.strategyand.pwc.com

STATS


  • Employer Type: Private
  • CEO: Cesare R. Mainardi
  • Chairman: Tony Poulter
  • 2013 Employees: 3,000

  • Employment Contact

    Visit the Strategy& careers page


  • Major Departments & Practices

    Capabilities Driven Strategy and Growth

    Deals

    Digital

    Fit for Growth*

    * Registered service mark of PwC Strategy& Inc. in the United States.

Major Office Locations

  • New York, NY(HQ)
  • The PwC network has firms in 157 countries

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