Mitt Romney

College, France mission, marriage, and children

Romney attended Stanford University during the 1965–66 academic year but was largely removed from the emerging counterculture of the 1960s. Romney joined a counterprotest against a sit-in at Stanford's administration building, itself opposing draft status tests in 1966. He continued to enjoy occasional pranks.

In July 1966, he began a 30-month stint in France as an LDS Church missionary, a traditional rite of passage in his family. Living under strict missionary rules and modest conditions, Romney found the work challenging and later recalled periods of discouragement as many of his efforts were rejected. He initially became demoralized and later recalled it as the only time when "most of what I was trying to do was rejected." He later estimated 10 to 20 converts for his entire mission.

Despite these difficulties, Romney rose steadily through the mission's leadership ranks. He became a zone leader in Bordeaux and later an assistant to the mission president in Paris. He frequently debated French critics of American involvement in the Vietnam War, and their opposition often strengthened his resolve. In June 1968, Romney was seriously injured in an automobile accident that killed the wife of the mission president. After the unrest caused by the May 1968 general strike and student uprisings, he helped restore morale and organization within the mission. By the end of his service in December 1968, he was overseeing 175 missionaries, had helped the mission achieve its highest annual baptism total in a decade, and had developed a lifelong affection for France and its people while becoming fluent in French.

Upon returning to the United States, Romney reunited with Ann Davies, and the two decided to marry. They wed in March 1969 and settled in Utah; Romney enrolled at Brigham Young University (BYU), where Ann had been studying. Having missed much of the anti-Vietnam War movement while abroad, Romney expressed the view that American involvement in Vietnam had been misguided, though he supported the Cambodian Incursion by the administration of Richard Nixon as a sincere attempt to end the war. During the military draft for the war, Romney sought and received two student deferments, then a ministerial deferment while living in France. He later sought and received two additional student deferments. When those ran out, he drew number 300 in the December 1969 draft lottery, ensuring he would not be drafted.

At culturally conservative BYU, Romney remained separated from much of the upheaval of the era,, became president of the Cougar Club booster organization, and excelled academically. He also took a leave of absence during his senior year to serve as a driver and advance man for the unsuccessful U.S. Senate campaign of his mother. Romney graduated in 1971 with a Bachelor of Arts degree in English, a 3.97 GPA, and the distinction of delivering commencement addresses to both his college and the university as a whole.

The Romneys' first son, Taggart, was born in 1970 while they were undergraduates at BYU and living in a basement apartment. Their son Matthew was born in 1971 and Joshua in 1975. Benjamin (1978) and Craig (1981) were born after Romney had begun his career. Intending to pursue a business career, he followed his father's advice that legal training would be valuable and enrolled in the joint Juris Doctor and Master of Business Administration program offered by Harvard Law School and Harvard Business School.

Living in Belmont, Massachusetts, with Ann and their children, Romney focused on academics rather than politics and adapted readily to the business school's case-study method. He graduated in 1975 as a Baker Scholar for placing in the top 5 percent of his business school class. He also earned his law degree cum laude.

Non-academic awards and honors

People magazine included Romney in its 50 Most Beautiful People list for 2002, and in 2004, a foundation that promotes the Olympic truce gave him its inaugural Truce Ideal Award. The Cranbrook School gave him its Distinguished Alumni Award in 2005. In 2008, he shared with his wife Ann the Canterbury Medal from the Becket Fund for Religious Liberty, for "refus[ing] to compromise their principles and faith" during the presidential campaign. In 2012, Time magazine included Romney in their List of The 100 Most Influential People in the World.

In 2021, Romney received the Profile in Courage Award for being the only member of his party to vote to convict Donald Trump during his first impeachment trial.

In 2024, Romney received the annual Legislative Achievement Award from the National Emergency Management Association for his efforts in creating the Wildland Fire Mitigation and Management Commission in Utah.

Private equity

In 1984, Romney left Bain & Company to co-found and lead the spin-off private equity investment firm Bain Capital. He initially refrained from accepting Bill Bain's offer to head the new venture until Bain rearranged the terms in a complicated partnership structure so that there was no financial or professional risk to Romney. Bain and Romney raised the $37 million needed to start the new operation, which had seven employees. Romney held the titles of president and managing general partner. Though he was the sole shareholder of the firm, publications also called him managing director or CEO.

Initially, Bain Capital focused on venture capital investments. Romney set up a system in which any partner could veto one of these potential opportunities, and he personally saw so many weaknesses that few venture capital investments were approved in the initial two years. The firm's first significant success was a 1986 investment to help start Staples Inc., after founder Thomas G. Stemberg convinced Romney of the market size for office supplies and Romney convinced others; Bain Capital eventually reaped a nearly sevenfold return on its investment, and Romney sat on Staples's board of directors for over a decade.

Romney soon switched Bain Capital's focus from startups to the relatively new business of leveraged buyouts: buying existing companies with money mostly borrowed from banking institutions using the newly bought companies' assets as collateral, taking steps to improve the companies' value, and then selling those companies when their value peaked, usually within a few years. Bain Capital lost money in many of its early leveraged buyouts, but then found deals that made large returns. The firm invested in or acquired Accuride Corporation, Brookstone, Domino's Pizza, Sealy Corporation, Sports Authority, and Artisan Entertainment, as well as some lesser-known companies in the industrial and medical sectors. Much of the firm's profit was earned from a relatively small number of deals; Bain Capital's overall success-to-failure ratio was about even.

Romney discovered few investment opportunities himself (and those that he did often failed to make money for the firm). Instead, he focused on analyzing the merits of possible deals that others brought forward and on recruiting investors to participate in them once approved. At Bain Capital, Romney spread profits from deals widely within the firm to keep people motivated, often keeping less than 10% for himself. Data-driven, he often played the role of a devil's advocate during exhaustive analysis of whether to go forward with a deal. He wanted to drop a Bain Capital hedge fund that initially lost money, but other partners disagreed with him and it eventually made billions. He opted out of the Artisan Entertainment deal, not wanting to profit from a studio that produced R-rated films. Romney served on the board of directors of Damon Corporation, a medical testing company later found guilty of defrauding the government; Bain Capital tripled its investment before selling off the company, and the fraud was discovered by the new owners (Romney was never implicated). In some cases, Romney had little involvement with a company once Bain Capital acquired it.

Bain Capital's leveraged buyouts sometimes led to layoffs, either soon after acquisition or later after the firm had concluded its role. Exactly how many jobs Bain Capital added compared to those lost because of these investments and buyouts is unknown, owing to a lack of records and Bain Capital's penchant for privacy for itself and its investors. Maximizing the value of acquired companies and the return to Bain's investors, not job creation, was the firm's primary investment goal. Bain Capital's acquisition of Ampad exemplified a deal where it profited handsomely from early payments and management fees, even though the subject company itself later went into bankruptcy. Dade Behring was another case where Bain Capital received an eightfold return on its investment but the company itself was saddled with debt and laid off over a thousand employees before Bain Capital exited (the company subsequently went into bankruptcy, with more layoffs, before recovering and prospering). Referring to the layoffs that sometimes occurred, Romney said in 2007: "Sometimes the medicine is a little bitter but it is necessary to save the life of the patient. My job was to try and make the enterprise successful, and in my view the best security a family can have is that the business they work for is strong."

In 1990, facing financial collapse, Bain & Company asked Romney to return. Announced as its new CEO in January 1991, he drew a symbolic salary of one dollar (remaining managing general partner of Bain Capital during this time). He oversaw an effort to restructure Bain & Company's employee stock-ownership plan and real-estate deals, while rallying the firm's 1,000 employees, imposing a new governing structure that excluded Bain and the other founding partners from control, and increasing fiscal transparency. He got Bain and other initial owners who had removed excessive amounts of money from the firm to return substantial amounts, and persuaded creditors, including the Federal Deposit Insurance Corporation, to accept less than full payment. Within about a year, he led Bain & Company to a return to profitability. He then turned it over to new leadership and returned to Bain Capital in December 1992.

Romney took a leave of absence from Bain Capital from November 1993 to November 1994 to run for U.S. Senate. During that time, Ampad workers went on strike and asked Romney to intervene. Against the advice of Bain Capital lawyers, Romney met the strikers, but told them he had no position of active authority in the matter.

By 1999, Bain Capital was on its way to becoming one of the foremost private equity firms in the nation, having increased its number of partners from 5 to 18, with 115 employees and $4 billion under management. The firm's average annual internal rate of return on realized investments was 113% and its average yearly return to investors was around 50–80%.

Starting in February 1999, Romney took a paid leave of absence from Bain Capital in order to serve as the president and CEO of the 2002 Salt Lake City Olympic Games Organizing Committee. Billed in some public statements as keeping a part-time role, Romney remained the firm's sole shareholder, managing director, CEO, and president, signing corporate and legal documents, attending to his interests within the firm, and conducting prolonged negotiations for the terms of his departure. He did not involve himself in the firm's day-to-day operations or the investment decisions of its new private equity funds. He retained his position on several boards of directors during this time and regularly returned to Massachusetts to attend meetings.

In August 2001, Romney announced that he would not return to Bain Capital. His separation from the firm concluded in early 2002; he transferred his ownership to other partners and negotiated an agreement that allowed him to receive a share of the profits as a retired partner in some Bain Capital entities, including buyout and investment funds. The private equity business continued to thrive, earning him millions of dollars in annual income.

1994 U.S. Senate campaign in Massachusetts

For much of his business career, Romney did not take public political stances. He had kept abreast of national politics since college, and the circumstances of his father's presidential campaign loss had irked him for decades. He remained an Independent and voted for Massachusetts Democrat Paul Tsongas in the 1992 presidential primaries.

By 1993, encouraged by his wife Ann and inspired by his father's political career, he began considering a run for office. Seeing an opportunity to challenge longtime Democratic U.S. senator Ted Kennedy, in part due to the unpopular Democratic congress and the recent William Kennedy Smith trial in which Kennedy's reputation had suffered. Romney switched to the Republican Party in October 1993 and announced his candidacy in February 1994, taking leave from Bain Capital and stepping down from his church leadership role.

Romney quickly emerged as the strongest Republican candidate, winning the party convention and primary against John Lakian by large margins. In the general election, he presented himself as a successful businessman and political outsider who had created jobs and supported moderate positions on social issues. The race became the most competitive of Kennedy's career, with polls showing the candidates essentially tied by September. However, Kennedy effectively highlighted Romney's shifting positions on issues such as abortion and criticized Bain Capital's role in layoffs at an Ampad plant, blunting Romney's momentum.

Kennedy and Romney held a widely watched late October debate that had no clear winner, but by then, Kennedy had pulled ahead in polls and remained so. Romney spent $3 million of his own money on the race and more than $7 million overall. Despite a disastrous showing for Democrats nationwide, Kennedy won the election with 58% of the vote to Romney's 41%, the smallest margin in any of Kennedy's reelection campaigns for the Senate.

The day after the election, Romney returned to Bain Capital, but the loss had a lasting effect; he told his brother, "I never want to run for something again unless I can win." When his father died in 1995, Mitt donated his inheritance to BYU's George W. Romney Institute of Public Management. He also became vice-chair of the board of the Points of Light Foundation, which had embraced his father's National Volunteer Center. Romney felt restless as the decade neared a close; making more money held little attraction for him. Although no longer in a local leadership position in his church, he still taught Sunday School. During the long and controversial approval and construction process for the $30-million Mormon temple in Belmont, he feared that, as a political figure who had opposed Kennedy, he would become a focal point for opposition to the structure. He thus kept to a limited, behind-the-scenes role in attempts to ease tensions between the church and local residents.

2002 Winter Olympics

In 1998, Ann Romney learned that she had multiple sclerosis; Mitt described watching her fail a series of neurological tests as the worst day of his life. After experiencing two years of severe difficulties with the disease, she found – while living in Park City, Utah, where the couple had built a vacation home – a combination of mainstream, alternative, and equestrian therapies that enabled her to lead a lifestyle mostly without limitations. When her husband received a job offer to take over the troubled organization responsible for the 2002 Winter Olympics and Paralympics, to be held in Salt Lake City in Utah, she urged him to accept it; eager for a new challenge, as well as another chance to prove himself in public life, he did. On February 11, 1999, the Salt Lake Organizing Committee for the Olympic and Paralympic Winter Games of 2002 hired Romney as its president and CEO.

Before Romney took over, the event was $379 million short of its revenue goals. Officials had made plans to scale back the Games to compensate for the fiscal crisis, and there were fears it might be moved away entirely. In addition, the Games' image had been damaged by allegations of bribery against top officials including prior committee president and CEO Frank Joklik. The Salt Lake Organizing Committee forced Joklik and committee vice president Dave Johnson to resign. Utah power brokers, including Governor Mike Leavitt, searched for someone with a scandal-free reputation to take charge of the Olympics. They chose Romney based on his business and legal expertise as well as his connections to both the LDS Church and the state. The appointment faced some initial criticism from both non-Mormons and Mormons that it represented cronyism and made the Games seem too Mormon-dominated. Romney donated to charity the $1.4 million in salary and severance payments he received for his three years as president and CEO, and also donated $1 million to the Olympics.

Romney restructured the organization's leadership and policies. He reduced budgets and boosted fundraising, alleviating corporate sponsors' concerns while recruiting new ones. Romney worked to ensure the Games's safety after the September 11 attacks by coordinating a $300 million security budget. He oversaw a $1.32 billion budget, 700 employees, and 26,000 volunteers. The federal government provided approximately $400 million to $600 million of that budget, much of it a result of Romney's having aggressively lobbied Congress and federal agencies. It was a record level of federal funding for the staging of a U.S. Olympics. An additional $1.1 billion of indirect federal funding came to the state in the form of highway and transit projects.

Romney emerged as the local public face of the Olympic effort, appearing in photographs, in news stories, on collectible Olympics pins depicting him wrapped by an American flag, and on buttons carrying phrases like "Hey, Mitt, we love you!" Organizing committee chair Robert H. Garff later said, "It was obvious that he had an agenda larger than just the Olympics", and that Romney wanted to use the Olympics to propel himself into the national spotlight and a political career. Garff believed the initial budget situation was not as bad as Romney portrayed, given there were still three years to reorganize. Utah senator Bob Bennett said that much of the needed federal money was already in place. A Boston Globe analysis later found that the committee had nearly $1 billion in committed revenues at that time. Olympics critic Steve Pace, who led Utahns for Responsible Public Spending, thought Romney exaggerated the initial fiscal state to lay the groundwork for a well-publicized rescue. Kenneth Bullock, another board member of the organizing committee and also head of the Utah League of Cities and Towns, often clashed with Romney at the time, and later said that Romney deserved some credit for the turnaround but not as much as he claimed. Bullock said: "He tried very hard to build an image of himself as a savior, the great white hope. He was very good at characterizing and castigating people and putting himself on a pedestal."

Despite the initial fiscal shortfall, the Games ended up with a surplus of $100 million. President George W. Bush praised Romney's efforts and 87% of Utahns approved of his performance as Olympics head. It solidified his reputation as a "turnaround artist", and Harvard Business School taught a case study based around his actions. U.S. Olympic Committee head William Hybl credited Romney with an extraordinary effort in overcoming a difficult time for the Olympics, culminating in "the greatest Winter Games I have ever seen". Romney wrote a book about his experience, Turnaround: Crisis, Leadership, and the Olympic Games, published in 2004. The role gave him experience in dealing with federal, state, and local entities, a public persona he had previously lacked, and the chance to relaunch his political aspirations.

Health

Romney was treated for prostate cancer in the summer of 2017. In 2024, Romney admitted he was worried about being at risk of Alzheimer's disease due to years of working in high-stress jobs.

Relationship with Donald Trump

As the presidential election went into primary season, Romney had not endorsed anyone but was one of the Republican establishment figures who were becoming increasingly concerned about the front-runner status of New York businessman Donald Trump. Romney publicly criticized Trump for not releasing his taxes, saying there might be a "bombshell" in them. Trump responded by calling Romney "one of the dumbest and worst candidates in the history of Republican politics". In a March 3, 2016 speech at the Hinckley Institute of Politics, Romney made a scathing attack on Trump's personal behavior, business performance, and domestic and foreign policy stances. He called him a "con man" who relied on his father's loans and "a phony, a fraud", adding: "He's playing members of the American public for suckers. If we Republicans choose Donald Trump as our nominee, the prospects for a safe and prosperous future are greatly diminished". In response, Trump called Romney a "choke artist". Romney's speech represented an unprecedented attack by a major U.S. party's most recent presidential nominee against the party's current front-runner for the nomination.

Romney encouraged Republicans to engage in tactical voting, by supporting whichever of the remaining rivals had the best chance to beat Trump in any given state. As such, Romney announced he was voting for, although not endorsing, Ted Cruz for president in the March 22 Utah caucus. As the race went on, there was some evidence that tactical voting was occurring, and some partial arrangements were formed among candidates, but by May 3, Trump had defeated all his opponents and became the party's presumptive nominee. Romney announced that he would not support Trump in the general election, saying, "I am dismayed at where we are now. I wish we had better choices."

In June, Romney said that he would not vote for Democratic nominee Hillary Clinton, saying: "It's a matter of personal conscience. I can't vote for either of those two people." He suggested that he might vote for a third-party candidate, or write in his wife's name, saying she would be "an ideal president". When pressed on which of Trump and Clinton was more qualified to be president, Romney quoted P. J. O'Rourke: "Hillary Clinton is wrong on every issue, but she's wrong within the normal parameters."

Romney considered voting for the Libertarian ticket of former Republican governors Gary Johnson and Bill Weld (the latter, like Romney, also a former governor of Massachusetts), saying that he would "get to know Gary Johnson better and see if he's someone who I could end up voting for", adding that "if Bill Weld were at the top of the ticket, it would be very easy for me to vote for Bill Weld for president." In September, he called for Johnson to be included in the presidential debates and in October it emerged that Independent candidate Evan McMullin was using an email list of 2.5 million Romney supporters to raise money. McMullin's chief strategist said that it was purchased from Romney for President and that "we'll let other folks discuss what that may mean and certainly never speak for [Romney]." A spokeswoman for Romney said that the list had been "rented by several political candidates in the presidential primary, and by countless other political and commercial users in the time since the 2012 campaign" and Romney made no public comment on McMullin's candidacy. Romney and his wife cast early ballots in Utah, but he declined to say who he voted for. In May 2018, Romney revealed that he had cast a write-in vote for his wife Ann.

After Trump won the election, Romney congratulated him by phone and on Twitter. On November 19, Romney met with him at the Trump National Golf Club in Bedminster, New Jersey, reportedly to discuss the position of Secretary of State, which ultimately went to Rex Tillerson. In February 2017, Romney said that Trump was "off to a very strong start" in fulfilling his campaign promises, although he had "no regrets" about his anti-Trump speech. The next year, Trump endorsed Romney's 2018 senate campaign.