Mitt Romney - Wikipedia, the free encyclopedia
After graduation, Romney remained in Massachusetts and went to work for the Boston Consulting Group, where he had interned during the summer of 1974.[21] Romney rapidly progressed through the ranks and from 1978 to 1984, he was the vice president of Bain & Company, Inc., another management consulting firm based in Boston. In 1984,
Romney left Bain & Company to co-found a spin-off private equity investment firm, Bain Capital.[22] During the 14 years he successfully headed the company, Bain Capital's average
annual internal rate of return on realized investments was 113 percent,[23] making money primarily through leveraged buyouts.[24] He invested in or bought many well-known companies such as Staples, Brookstone, Domino's, Sealy Corporation and Sports Authority.[25]
In 1990, Romney was asked to return to Bain & Company, which was facing financial collapse. As CEO,
Romney managed an effort to restructure the firm's employee stock-ownership plan, real-estate deals and bank loans, while increasing fiscal transparency. Within a year, he had led Bain & Company through a highly successful turnaround and returned the firm to profitability without layoffs or partner defections.[23]
Romney left Bain Capital in 1998 serve as the President and CEO of the 2002 Salt Lake City Olympic Games Organizing Committee.[26] He and his wife have a net worth of between 250 and 500 million USD,[27][28] not including Romney's blind trust in the name of their children, which is valued at about $100 million.[29]