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Former Wal-Mart chief joins private-equity firm


Boston Former Wal-Mart Stores president and CEO Lee Scott has joined private-equity and venture capital firm Solamere as operating partner, according to published reports.

The Lexington, Mass.-based firm has ties to Mitt Romney, the former Massachusetts governor and Republican Party presidential hopeful.

In his new job at Solamere, Scott, who served as Wal-Mart’s president and CEO for nine years before leaving the company in February, will be a member of the firm’s investment committee in addition to serving as operating partner.

Solamere was co-founded in 2008 by Tagg Romney, the son of former Massachusetts governor and venture capitalist Mitt Romney. The firm has raised $200 million to invest directly in growth equity, and as a fund-of-funds in private equity and venture capital funds.

According to a statement from Solamere, Scott will assist in evaluation of investment opportunities and growth of the firm’s portfolio companies. The firm has not yet made any direct investments, a spokesman said.

Scott remains chairman of the executive committee of Wal-Mart’s board of directors.

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