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L.L. Bean chairman retiring, control stays with family

12:17 PM, May 20, 2013   |    comments
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FREEPORT, Maine (AP) - L.L. Bean's grandson Leon Gorman is retiring as company chairman after more than 50 years as chairman or CEO, but the company is keeping the position in the family.

The Maine-based retailer informed employees Monday that L.L.'s great-grandson, Shawn Gorman, will be the new chairman, underscoring a commitment to family ownership.

Shawn Gorman, who served as a senior executive, told The Associated Press there's been a careful behind-the-scenes transition and that consumers shouldn't notice a change. Leon Gorman, his 78-year-old uncle, keeps a seat on the board. Chris McCormick, the first CEO from outside the family, retains his position.

L.L. Bean, with more than $1.5 billion in annual sales, just celebrated its 100th anniversary. It got its start in 1912 when L.L. Bean sold his first rubber-soled hunting boots.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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