Social media giant Facebook has become the latest powerful company to change its name amid a scandal. According to critics, the Facebook brand has become toxic. Facebook isn’t the only company to rebrand. Over the past few decades, several of the country’s largest companies had abandoned their highly recognizable names following 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 pressing financial or public relations issues. Some of these companies might not have existed today if they hadn’t changed their names.
A few of the companies on the list have changed names due to declining revenues or major changes in consumer preferences. In these cases, rebranding was seen as necessary to turn around the business situation.
Other companies have 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 a scandal or associated with an increasingly less respected industry that it simply had to disappear. These are the biggest corporate scandals of the past decade.
Click here to see the companies that have been forced to change their name