Mitt Romney is the son of former Michigan Governor George Romney. He founded the investment firm Bain Capital and later ran for the Massachusetts Senate in 1994, losing to incumbent Ted Kennedy. Romney took over the Salt Lake Organizing Committee and helmed a successful 2002 Olympic Games. He became governor of Massachusetts in 2003 and made a run for the Republican nomination in the 2008 election, losing to candidate John McCain. Romney made a second run for the U.S. presidency in 2012, with U.S. Representative Paul Ryan of Wisconsin as his running mate, but was ultimately defeated by President Barack Obama in a tight race.

Born Willard Mitt Romney on March 12, 1947 in Detroit, Michigan, and raised in Bloomfield Hills, Michigan, Mitt Romney attended the prestigious Cranbrook School before receiving his undergraduate degree from Brigham Young University in 1971. He attended Harvard Law School and Harvard Business School, and received both a law degree and a Master of Business Administration degree in 1975.

Romney married Ann Davies in 1969; they have five sons, Tagg, Matt, Josh, Ben and Craig. Mitt and Ann Romney are members of the Church of Jesus Christ of Latter-day Saints, also known as the Mormon Church.

In 2004, Romney authored the book "Turnaround: Crisis, Leadership, and the Olympic Games."

Romney parlayed his success with the Olympics into politics when he was elected governor of Massachusetts in 2003. During Romney's term as governor, he oversaw the reduction of a $3 billion deficit. He also signed into law a health-care reform program to provide nearly universal health care for Massachusetts residents.

After serving one term as governor, Romney declined to run for re-election and announced his bid for the U.S. presidency. He made it through Super Tuesday, winning primaries in Massachusetts, Alaska, Minnesota, Colorado and Utah before losing the Republican nomination to Senator John McCain of Arizona. According to reports, Romney spent about $110 million on his campaign, including $45 million of his own money.

In March 2010, Romney published the book "No Apology: The Case for American Greatness," which debuted on The New York Times' best-seller list.

During his 2012 election campaign, Romney took many standard Republican positions on taxes, the economy and fighting terrorism, while consistently and vocally criticizing his opponent, Democrat President Barack Obama. Specifically, Romney denounced President Obama's health-care reform program—a stance that earned him criticism from the press, as the president's health-care plan is similar to the Massachusetts plan that Romney supported as governor. Additionally, throughout the 2012 presidential race, critics charged Romney with changing his position on several key issues, including abortion; Romney supported Roe v. Wade—the U.S. Supreme Court decision upholding a woman's right to an abortion—while campaigning for a Senate seat in 1994, but maintained an ardent pro-life stance throughout his 2012 campaign for the presidency.

In August 2012, Romney announced 42-year-old U.S. Representative Paul Ryan of Wisconsin as his running mate for vice president. On August 28, 2012, Romney became the Republican Party's official presidential nominee, receiving 2,061 delegate votes—nearly double the required 1,144—on the first day of the 2012 Republican National Convention, held in Tampa, Florida.

As each state announced its election results on November 6, 2012, many Americans clung to the edge of their seats. Just before midnight, the results were announced: In a tight race, Romney was defeated by Barack Obama, with the president receiving just over half of the popular vote and around 60 percent of the electoral vote.

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