NEW YORK — PricewaterhouseCoopers said its consulting business will adopt the name Monday in place of the current PwC Consulting as part of a $110-million marketing effort to create a brand that's distinct from the auditing firm.
The name change will occur once the unit is spun off in an initial public offering, planned for August, spokeswoman Sehra Eusufzai said. PwC Consulting announced in March that it would change its name.
The name Monday is "a real word, concise, recognizable," said Greg Brenneman, chief executive of PwC Consulting.
Pricewaterhouse and rival auditors are separating their consulting units to eliminate perceived conflicts of interest after the collapse of Enron Corp. Investors and lawmakers have charged that Arthur Andersen was lax in overseeing Enron's books because Andersen didn't want to jeopardize consulting fees.
The $110-million marketing budget includes funds for advertising and fees paid to Wolff Olins, the brand consultant that developed and tested the name, Eusufzai said. While the firm asked partners and other employees for name ideas, they were rejected in favor of Monday, which Wolff Olins chose.