Former Democratic Gov. Deval Patrick will be joining the Boston firm Bain Capital — founded by former GOP Gov. Mitt Romney — to develop a line of so-called "social impact" investing to support causes from climate change to hunger.
A Bain spokesman confirmed the hire for the Boston Herald, but said all other questions, including whether Patrick can still do work for Boston 2024's Olympic bid, will be answered at today's formal announcement.
Patrick told The Boston Globe in an interview that the opportunity is "a chance to have real meaning and mission in my work."
Patrick will become one of Bain's managing directors, sharing in the profits of the firm. He will be the first African-American to take on that role at the firm.
Patrick was tapped to represent Boston 2024 as a "global ambassador" at a rate of $7,500 a day. But amid a public outcry over secrecy and hefty salaries for ex-Patrick administration officials hired by the nonprofit, Patrick said he was pursuing another job but would serve the bid as he was able for no pay.
Patrick served two terms as governor from 2006 to 2014.
He stated repeatedly as he was ending his tenure that he wasn't planning to run for president in 2016 and intended to go into the private sector.
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