TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

L.L. Bean keeps company in the family

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

Daily Photo Galleries

Business Photo Galleries

By The Associated Press
Tuesday, May 21, 2013, 12:01 a.m.
 

L.L. Bean's grandson, Leon Gorman, is retiring as company chairman after more than 50 years as chairman or CEO, but the privately held company is keeping the position in the family. The Maine-based retailer informed employees on 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, said there has been a careful behind-the-scenes transition and that consumers shouldn't notice a change. Leon Gorman, his 78-year-old uncle, is keeping 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, recently marked its 100th year.

 

 
 


Show commenting policy

Most-Read Business Headlines

  1. Small retailers at intersection of social networks, foot traffic
  2. In ‘StockCity,’ real investing like game
  3. Test-tube tuna may be sea change
  4. U.S. Steel reorganizes operating units
  5. Business Council for Peace program works to export profits, peace
  6. Woman on dating site looks too good to be true: How to vet that pic
  7. 153-year-old Venango well pumps out oil, history
  8. Plastics manufacturers look to ethane processing plants for benefits
  9. Mark Phelan: Detroit 3 need to fix their troubled small cars
  10. Slow hunting, golf sales again drag down Dick’s profit
  11. Sonata exudes class
Subscribe today! Click here for our subscription offers.