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Business transformations: The good, the bad and the ugly

in a file picture dated 05 February 2005, members of the US-based Blackwater private security firm scan Baghdad city centre from their helicopter.

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Blackwater

Blackwater was a private military company formed in 1997, and was perhaps best known as a contractor used during the Iraq War. In 2008, it undertook a campaign of major changes to its mission and its image after some employees were accused of causing the deaths of 17 Iraqi civilians.

The company shifted its focus from security contracting and changed its name to Xe Services. In 2011, it was renamed again, to Academi, in an effort to emphasize its "focus on regulatory compliance and contract management," according to The Wall Street Journal.

Marwan Naamani | AFP | Getty Images