Since the organization was established in 1988, the National Society of Hispanic MBAs (NSHMBA) has helped countless Latin American professionals pursue greater heights in the corporate world. Created with the goal of developing future leaders, the NSHMBA has been responsible for the training of a significant number of Latino leaders who have emerged as effective corporate leaders in the United States.

Indeed, for the last 28 years, the NSHMBA has been considered as one of the bastions for Latin American professionals. On Thursday, however, the company decided that it is time to end an era.

Thomas Savino, CEO of the organization, has just announced that from this day forth, the NSHMBA would officially be rebranded. That means that the name the group has carried proudly for almost three decades would be no more. However, the CEO has stated that he, together with the board, believes that it is time for the organization to step into newer grounds, according to PR Newswire.

"Simply put, NSHMBA has outgrown its name. This is a profound moment for the organization and we are excited to continue connecting Hispanic MBA talent to corporations and go even further by taking our 28 years of experience to lend support and go deeper within the Hispanic community," Savino said.

Therefore, starting Thursday, NSHMBA would officially be called Prospanica, a significantly more updated and more progressive moniker for the veteran organization. According to the group, the new name of the organization was chosen simply because it was unique and it embodies the greater mission of the society.

After all, during the past year, NSHMBA, or Prospanica, has been operating under a new, wider strategy. For one, instead of simply focusing on professionals in upper management, the society had started delving deeper into the Latino community, helping Hispanics achieve professional growth from the bottom up, reported CBS 8 News.

Thus, it has significantly widened its reach, offering educational aid through undergraduate programs, scholarships, internships, mentoring, career management seminars, job fairs, and other means of providing the Latin American community with more opportunities to improve its professional growth.

Despite the rebranding, however, the society has assured the Latino community that at its core, Prospanica is still the veteran professional group that has helped countless Latinos before. Anthony López, the Chairman of the Board of Directors, stated that the rebranding is in no way designed to leave the group's legacy behind.

"Our name change is not a way to leave our past behind, it's a way to build our future on a great foundation. Re-branding ourselves as Prospanica is an important milestone in our history. It reflects our commitment to lead the way and remain the premier organization for Hispanics to grow personally and professionally," he said.