London-based Shumeet Banerji, formerly President of the firm’s global commercial business, has been elected Chief Executive Officer of Booz & Company, and Joe Saddi, based in Dubai in the Middle East, will serve as Chairman of the new organization’s 16 member Board of Directors.
Today’s launch follows the recent announcement of a strategic investment by The Carlyle Group to buy out the global commercial officers’ majority interest in Booz Allen’s U.S. government business.
This will result in the legal separation of the U.S. government and the global commercial firms. Booz & Company is currently a subsidiary of Booz Allen Hamilton and will become a legally independent firm upon completion of the strategic realignment.
The transaction is expected to close in mid to late 2008, subject to shareholder and regulatory approvals and other customary closing conditions.
Booz & Company starts with sustained double-digit growth, a superb client list and an enviable, debt free, balance sheet.
It will be solely owned by its officers and will have more than 3,300 professionals in 57 offices around the world.
The worldwide reach of its business is shown by its truly global management team and the fact that the majority of its 200 officers are based outside the US.
“The launch of Booz & Company is a significant milestone for our firm,” said Mr. Banerji, who has 15 years experience at the firm serving clients in both the private and public sectors.
“Our purpose is to serve the senior agenda of the world’s leading institutions, public and private. We will be recognized for the relevance of our ideas, the practical impact of our contributions, the collaborative spirit of our people, and the intrinsically global nature of our firm. Our singular goal is to assist our clients in creating and delivering essential advantage around the globe.”
“This is an exciting time to be part of one of the leading management consulting firms in the world.
We have a clear ambition for the firm and are focused on delivering real impact for our clients.”
said Mr. Saddi, who has over 20 years of strategic consulting experience.
The launch of Booz & Company reinvigorates the firm’s strategic focus while drawing on its storied history of leadership and innovation in management consulting, which began in 1914 when its founder Edwin Booz started the management consulting profession.
Since that time it has introduced some of the most significant and celebrated advances in business management including: the product life cycle model, supply chain management concept, organizational DNA and market driving capabilities. This leadership in ideas continues with Booz & Company’s signature research, such as its annual CEO Succession Study and annual Global Innovation 1000 study.