Departure from business career: 1999.E2.80.932002 Business career of Mitt Romney

romney left business career run 2002 winter olympics.

as decade neared close, goal of making more money losing appeal romney. took paid leave of absence bain capital in february 1999 when became head of salt lake organizing committee 2002 winter olympics. decision caused turmoil @ bain capital, power struggle ensuing. partners left , founded audax group , golden gate capital. other partners threatened leave, , there prospect of eight-figure lawsuits being filed. romney worried firm might destroyed, crisis ebbed.

billed in public statements keeping part-time role, romney remained firm s sole shareholder, managing director, ceo , president, signing corporate , legal documents, attending interests within firm, , conducting prolonged negotiations terms of departure.

romney not involved in day-to-day operations of firm after starting olympics position. handled management committee, consisting of 5 of fourteen remaining active partners firm. however, according interviews , press releases during 1999, romney said keeping part-time function @ bain.

during leave of absence, romney continued listed in filings u.s. securities , exchange commission sole shareholder, sole director, chief executive officer , president . sec filings reflected legal reality , ownership interest in bain capital management company. in practice, former bain partners have stated romney s attention occupied olympics position. did stay in regular contact partners, , traveled meet them several times, signing corporate , legal documents , paying attention own interests within firm , departure negotiations. bain capital fund vi in 1998 last 1 romney involved in; investors worried romney gone, firm have trouble raising money bain capital fund vii in 2000, in practice $2.5 billion raised without trouble. former partners have said romney had no role in assessing other new investments after february 1999, nor involved in directing company’s investment funds. discussions on final terms of romney s departure dragged on during time, romney negotiating best deal , continuing position ceo , sole shareholder giving him leverage so.

although had left open possibility of returning bain after olympics, romney made crossover politics permanent announcement in august 2001. separation firm finalized in 2002. romney negotiated ten-year retirement agreement bain capital allowed him receive passive profit share , interest retired partner in bain capital entities, including buyout , bain capital investment funds, in exchange ownership in management company. because private equity business continued thrive, deal bring him millions of dollars in annual income. romney first , last ceo of bain capital; since departure became final, has continued run management committee.

romney s business career has drawn both praise , criticism political opponents. summarizing business career , creative destruction of private equity industry, has said: medicine little bitter necessary save life of patient. job try make enterprise successful, , in view best security family can have business work strong. romney s web site defends business career.