Social networking giant Facebook became the latest powerful company to change its name amid scandal. According to critics, the Facebook brand has become toxic. Facebook is not the only company to rebrand. Over the last few decades, several of the nation’s largest companies had given up their highly-recognizable name as a result of a public relations disaster.
24/7 Wall St. reviewed 16 of the biggest corporate name changes in recent history. The list focuses on name changes that were in response to urgent financial or public relations problems. Some of these companies may not have been around today had they not rebranded.
A few of the companies on the list changed their name because of declining revenue or major changes in consumer preference. In these cases, rebranding was seen as necessary to turn corporate fortunes around.
Other companies changed their brands to more effectively represent their range of products and services. In most cases, however, companies chose to rebrand because their name had been so tarnished by scandal or associated with an industry held in increasingly poor regard that it simply had to go. These are the biggest corporate scandals of the last decade.