It could almost be a Fonzie-esque greeting, it actually is the moniker of an LGBT magazine, it has been likened to everything from a car rental company to a typical corporate rebrand to a word that is difficult to pronounce in other languages. Yet it remains the only one of the big four consulting firms to shorten, and thereby simplify its moniker to a internationally-friendly two letters.

Ernst & Young’s new brand identity shortens its lengthy former wordmark to a much more concise overlapping ‘EY’ with a bold slash across the top of the logo. New positioning declares the company’s outlook is ‘Building a better working world’. The brand, developed by London-based agency BrandPie, debuted yesterday along with the news that Mark Weinberger was named chairman and CEO.

Weinberger says, “We understand our obligation to look beyond our self-interest and engage with the world. We use our global reach and our relationships with clients, governments and not-for-profit organizations to create positive change.” He adds that shortening the company’s name enables it to be more flexible worldwide.

The company launched Reporting magazine in November 2011, a publication dedicated to corporate best practice and transparency. Its first issue proclaimed “With this magazine, we aim to bring together a range of insights and ideas that will interest and inform all business executives involved in their organization’s performance story. We’ll also be examining how the reporting landscape is changing and presenting views from the many participants — corporates, investors, regulators and more.”

Despite its positioning as such, there remains debate in the corporate world about the benefits and problems with conjoining the roles of CEO and chairman. Charles Tribbett, a consultant with Russell Reynolds Associates wrote in The Corporate Board that investors favour splitting the roles as it gives the board an independent leader. Weinberger brings a wealth of leadership experience to the proverbial table through his history with EY itself as well as his service under two former presidents of the United States.