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Tom Stemberg

Page history last edited by Mike 12 years, 1 month ago

I will never forget Mitt calmly rattling off and quantifying the different financial problems of the Salt Lake City Olympics. He had been running the operation for a few weeks, and the magnitude of the issues was coming into focus. Tens of millions here, tens of millions there, and the media and sponsors riveting their attention on the scandals he had inherited. I asked how I could help. Because his Bain Capital had been my first institutional investor at Staples and he had been a member of our board for 15 years, he said he knew full well that I was too cheap to buy an Olympic sponsorship for $10 million or so.

 

A few months later he called with a different opportunity. He had personally solicited Office Depot and Office Max to be Olympic sponsors. Both had turned him down, so he could now offer me an opportunity to become an official Olympic "supplier." Much less money, but the ability to use the rings and tickets. I jumped at it. However, for weeks his normally crackerjack staff did not follow through.

 

Then Mitt called. "Tom, I am terribly sorry. Right around the time of our meeting, IMG persuaded the brand new Office Depot CEO to take a major sponsorship. You are out. I feel terrible given my history with you and Staples, but I have to respect what is best for the Games versus my personal relationships. I will get you guys some tickets, but unfortunately they will not be great." I wasn't happy, but I knew it was how Mitt operated: He did the right thing, whether his friends liked it or not.

 

- Tom Stemberg, founder and former president and chief executive of Staples Inc.

 

“Mitt was just really nice, humble, listened, asked questions...” “And he talked about how at Bain, unlike other venture capitalists, they would actually help you run the business.”

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