Mitt Romney Employed By Son At Solamere
Mitt Romney is employed by his son, Tagg, after he joined Solamere Capital. The investment firm was started by Romney’s son and the move represents the former Republican presidential candidate’s return to the private sector.
Mitt Romney will be the chairman of the executive committee and will also hold a spot on the firm’s investment committee. The news was announced to current investors through a letter on Wednesday night.
The letter stated of the decision to hire the former Massachusetts Governor, “Governor Romney’s track record in the private equity field is extraordinary, and we are honored to have him more involved in the firm.”
The letter also cited Romney’s experience and insight into private investing as a reason for the former governor’s son to hire him. Mitt Romney already has an office established at Solamere’s office on Newbury Street in Boston. The office was established shortly after the candidate lost the presidential election, though his advisers stated at the time that it was simply to handle his personal affairs.
The company was founded by Tagg Romney two weeks after Mitt dropped out of the 2008 presidential race. The company’s initial goal was $200 million in investments.
Tagg co-founded the firm with his father’s campaign finance chairman, Spencer Zwick. The firm is named after a ski community in Utah, where the Romneys used to own a ski lodge.
Mitt Romney’s job being employed by his son will entail working one week per month to help advise on private equity matters. He will not be raising money for the firm. The letter sent to investors added that Romney was already a limited partner at the company.
This is not the only job Mitt Romney has taken since he lost the November presidential election. He joined the board at Mariott, though had limited public appearances since the loss. He has started to take on a more public profile, including his first post-election interview, which aired on Fox News last Sunday.
The complete copy of the letter announcing Mitt Romney’s employment by his son can be found here.
[Image by Andrew Feinberg (Flickr: DSC_2549.JPG) [CC-BY-SA-2.0], via Wikimedia Commons]
