The Observation Deck

Brian Pedaci wrote:Running the Olympics is probably more analogous to being President than being CEO of Widgets, Inc.

CEO of the Salt Lake Organizing Committee
Romney served as president & CEO of the 2002 Olympic Winter Games held in Salt Lake City. In 1999, the event was running $379 million short of its revenue benchmarks. Plans were being made to scale back the games in order to compensate for the fiscal crisis. The Games were also damaged by allegations of bribery involving top officials, including then Salt Lake Olympic Committee (SLOC) President & CEO Frank Joklik. Joklik & SLOC vice president Dave Johnson were forced to resign.

On February 11, 1999, Romney was hired as the new president & CEO of the Salt Lake Organizing Committee. Romney revamped the organization's leadership & policies, reduced budgets & boosted fundraising. He also worked to ensure the safety of the Games following the terrorist attacks of September 11, 2001 by coordinating a $300 million security budget. Despite the initial fiscal shortfall, the Games ended up clearing a profit of $100 million. Following the conclusion of the Games, President George W. Bush praised Romney's management.

Romney contributed $1 million to the Olympics, & donated the $825,000 salary he earned as President & CEO to charity. He wrote a book about his experience called Turnaround: Crisis, Leadership & the Olympic Games.

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