Fraser Bullock is giving up a multimillion-dollar income to take over the finances of the troubled 2002 Winter Games, but he said the sacrifice will be worth it if he can help restore the reputation of Utahns.
"Like other people, I want to do my part," Bullock said Tuesday in his first interview since accepting the post of chief operating officer for the Salt Lake Organizing Committee.His goal, he said, is not only to balance the $1.52 billion budget but to make sure the world sees "the spirit of Utah shining through" when they tune into the Games.
"My feeling is what's happened here doesn't represent the people of Utah. That's why I'm doing this, to show what people are really like here and what the state is all about," Bullock said.
What happened, of course, is the scandal that surfaced late last year over the $1 million-plus spent by the Salt Lake bid team to win the votes of the International Olympic Committee.
Salt Lake City has been criticized for wooing the IOC with everything from shopping sprees at Wal-Mart to scholarships for IOC members' chil- dren so they could attend college in the United States.
The bribes, as some have labeled them, have been the subject of a number of investigations, including an ongoing criminal probe by the FBI. SLOC's own internal investigation led to the resignation of the top two Games officials.
Enter Bullock's boss and longtime friend, Mitt Romney. Romney was brought to Salt Lake City from Boston by Gov. Mike Leavitt in February to take over as president and chief executive officer.
Romney's most pressing duty was to find a new No. 2 official. While the organizing committee has never had a chief operating officer, Dave Johnson, former SLOC senior vice president of Games, oversaw operations.
But Leavitt and others wanted more oversight of the financial and operational side of the Games. Romney has already identified as much as $98 million that could be cut if revenues fall short.
The scandal has left sponsors skittish, something Romney hopes to focus on now that he's found a chief operating officer who can keep the organizing committee running smoothly.
Romney said he started the search by contacting people with whom he's worked previously in his successful financial career. One call was to Bullock.
They have known each other for 18 years. They're both graduates of Brigham Young University and worked together at two Boston companies, Bain & Company, a consulting firm, and Bain Capital, a venture capital firm.
Bullock, who went on to start his own company in Utah County, Alpine Consolidated, said he contacted Romney when he heard Romney had left Bain Capital to take over the Games.
"When he took the job, I said, 'Yes,' " Bullock said. "I left a message for him and said, 'If I can help, let me know.' Little did I realize he would take me up on it."
Romney said Bullock initially expressed no interest in the job. Friends said Romney was hesitant to hire someone so much like himself -- a white, male member of the LDS Church with no sports experience.
But Romney said after looking over a variety of candidates, Bullock emerged "as the strongest of the bunch." Plus, Romney said, he felt most comfortable with Bullock.
Romney said he decided not to pass up someone he saw as a "superb candidate" for the job, even though he'd hope to hire someone who would bring more diversity to the organizing committee.
Bullock said he believes whatever controversy emerges as a result of his hiring will be short-lived. "My problem is, I am what I am . . . I don't have much choice in the matter," he said.
Bullock, 44, was born in the Canadian province of Alberta and reared in Calgary. He came to the United States to attend Brigham Young University as a teenager and became an American citizen.
As for lacking a background in sports management, something many Olympic insiders considered essential for the job, Bullock said he can turn to the experts already on SLOC's staff.
His focus, Bullock said, will be to lend his business skills. Alpine Consolidated specializes in consolidating small companies into single, more-profitable entities.
"People are concerned about putting on a great Games, but within budget. I understand that's my job," he said. Bullock will oversee all of SLOC's departments except marketing, fund-raising, legal affairs and human resources.
Although he'll remain a partner in Alpine Consolidated, Bullock will lose money by taking the SLOC job. Alpine Consolidated reportedly earned more than $60 million for its partners and investors in less than a year.
Just how much Bullock loses will be up to the SLOC Management Committee, which has to approve his appointment and his salary. The committee, along with the SLOC Board of Trustees, meets Thursday.
"It's worth it to give all of that up," Bullock said. He said he sees the job as a form of public service, something Romney pitched heavily in trying to convince Bullock to join SLOC.
"The biggest concern I had was the time away from my family," Bullock said. He and his wife have five children, including two at BYU. "They were very supportive. They saw this as an opportunity for them to give."