Project Chrome? It's hard to fathom that a tech company would name their layoff program after a competitor's technology. That just strains credulity. If that part is true, it's a sign of bad things in the company.
First off, it's just a name, not really a big deal nor would it really be a sign of anything. Secondly, if your requirement is "not a competitor's technology" then practically every single word would be excluded because it would have been used, at some point or another, by one of the hundreds of thousands of competitors IBM has and has had.