NEW YORK: BearingPoint, the troubled global consulting firm that was spun off of KPMG in 2000, has hired Sloane & Co. to handle its corporate communications and IR duties.
The agency has been working for the company since the late summer, according to Sloane & Co. CEO Elliot Sloane. "It's in corporate and financial [communications], it's investor relations counseling, and...B-to-B marketing work," he said.
BearingPoint is mired in accounting problems, and has said that its financial results for the past several years may be incorrect, attributing much of the problem to clerical errors and a new computer system. CEO Harry You, who joined the company in March, has been tasked with bolstering BearingPoint's reputation as it has continued to delay its financial filing date.
"It's a fantastic company that's certainly had some regulatory issues and brand issues," said Sloane. "As they continue to show momentum in their business, I think a decision was made to hire a firm to help tell their story."
Sloane said his messaging work will focus on highlighting the company's intellectual capital and promoting its thought leadership work in the media. In recent weeks, You has been visible in the national media, providing explanations of the company's progress.
The company has lost up to one-fourth of its 17,000 total employees throughout the accounting debacle. You has filled the slots, and has said that he intends to make retention among top executives a priority.
Sara Martin, VP of corporate communications for BearingPoint, said there is no outgoing agency on the portion of the work that Sloane is handling. Instead, she said the company simply decided to "add muscle" to its messaging. The company works with a global network of different agencies in different countries, she added.
BearingPoint did not issue an RFP for the work, Sloane said. The agency has six people on the account.