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L.L. Bean keeps company in the family

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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.

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