Last week, AIG CEO Edward Liddy told Capitol Hill, "I think the AIG name is so thoroughly wounded and disgraced that we're probably going to have to change it." Rep. Paul Hodes (D-N.H.) added that AIG now stands for "arrogance, incompetence and greed."
There's an important branding lesson to be learned here--namely, if you've screwed up royally, changing your name and rebranding your business is a good idea. Just make sure you can back up your new name with a better business strategy. In the current crisis, business owners are changing the way they run their businesses. But many after revamping their strategy, forget to translate that into their marketing materials.
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