Lee Scott, the former CEO of Wal-Mart Stores Inc., has become an operating partner at Solamere Capital LLC, a private equity and venture capital firm in Lexington, Mass. He also is a member of the firm's investment committee.
Scott remains chairman of the executive committee at Wal-Mart, but stepped down as CEO in January after leading the company for nine years.
Scott will assist Solamere Capital in the evaluation of investment opportunities and will play a key role in contributing to the growth of its portfolio companies, the news release said.
"I am excited to be working with Solamere's management team and founding investors," said Lee Scott. "I believe that Solamere Capital and its network of partners are uniquely positioned to help a broad range of businesses add topline growth. I am encouraged about Solamere's distinctive approach to private equity and I am looking forward to being a part of the long-term development of this firm."
According to the news release, Solamere Capital "was founded to serve as a unique investment vehicle for a small number of families and industry leaders with broad networks that aspired to aggregate their access to top-tier private equity firms, proprietary deal flow, management resources and industry insight."
Solamere has ties to Mitt Romney, the former Massachusetts governor and Republican Party presidential hopeful, according to an article by Ann Zimmerman in The Wall Street Journal.
The firm was founded in June 2008 by Taggart Romney, the oldest son of Mitt Romney, and Spencer Zwick, who served as campaign finance manager for Romney's 2008 presidential bid.
The firm's third founding partner is Eric Scheuermann, a partner at New York-based private equity firm Jupiter Partners LLC. Former Missouri Gov. Matt Blunt, also a Republican, joined the firm in December as a senior adviser.
"Lee's leadership experience and his ability to identify growth opportunities will greatly benefit our investors, partner funds and future portfolio companies," the firm's partners said in a joint statement.
Scott lives in Rogers with his wife, Linda.
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