Romney kept reins on Bain, bargained hard on severance during absence - Boston.com: 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.
The Palm Beach meeting, which has not been previously reported, demonstrates the duality of Romney’s role as he parted ways with Bain, an issue that has sparked controversy in his presidential campaign. Romney has said in financial disclosure statements that he “was not involved in the operations of any Bain Capital entity in any way” after Feb. 11, 1999. But he was still legally the CEO, with numerous duties and obligations that were his alone, until early 2002.