The Boston Globe reports that Mitt Romney did indeed leave Bain in early 1999, and after a few meetings in the following months to work out the details how the firm would run, it was decided that a team of five will make decisions. Romney’s only involvement afterwards, reports the Globe, was signing certain documents as a CEO is required by law, and to workout exact details of his retirement. H/T to Political Wire for fishing out the most relevant parts of the Globe report:
“Shortly after Mitt Romney took a leave of absence from Bain Capital to run the Olympics in February 1999, he made a trip to Palm Beach, Fla… Romney and his partners had decided that, in his absence, five managing directors would oversee the company. And in Palm Beach it became clearer that Romney was unlikely to return — but would retain his title as chief executive officer and sole shareholder. [Romney therefore]… signed dozens of company documents, including filings with regulators on a vast array of Bain’s investment entities. And he drove the complex negotiations over his own large severance package.”
All in all, the Boston Globe confirms the story-line that Mitt Romney has been using and saying for almost ten years now.