All successful companies grow and evolve. They acquire other businesses and expand into new markets and product areas. Technology transforms how they deliver value. Non-core processes are outsourced. Cyclical, low-growth business lines are divested to refocus the company on growth markets.
As they so evolve many reach the point at which the corporate name becomes an issue. Every day there’s a stream of news announcements about companies changing their names for most of the above reasons.
You can’t fault HickoryTech Corporation, for example, changing its name to Enventis. HickoryTech began life as Mankato Citizen’s Telephone Company (MCTC) in 1898 and through a series of astute acquisitions over the intervening century, including Enventis Telecom in 2005. The company dropped the HickoryTech name and morphed into Enventis earlier this year, tidying up a ragbag of acronyms and legacy names in the process.
The logic of Darling International’s name change to Darling Ingredients is less clear.
Darling describes itself as “one of the world’s leading companies for converting edible/non-edible bio-nutrient streams into sustainable natural ingredients and specialty products.”
Darling CEO Randall Stuewe explained the name change thus: “Our new name, Darling Ingredients Inc., better reflects our global presence and focus on creating sustainable food, feed and fuel ingredients for a growing population.”
I can’t help thinking he could have achieved that objective far more effectively without a name change. Whatever the corporate name (Darling International or Darling Ingredients) the brand name is clearly ‘Darling’. By utilizing a simple tagline with the Darling name, CEO Stuewe could have communicated his company’s mission much more effectively, as in: Darling – Ingredients for a growing world.
The prize for corporate chutzpah in naming has to go to Innocent, Inc. Innocent is an oil and gas exploration and production company based in Texas. It recently added new “industry leaders” to its advisory board who are clearly advocating a more aggressive brand posture.
Not for them a passive name like Innocent. Bystanders and victims are innocent. Something more predatory would seem in order. So hello Panther Energy. Goodbye Innocent.