New From L.L. Bean

L.L. Bean (Freeport, Me.), the venerable outdoors supply catalog house, announced that Leon Gorman is stepping down as president and ceo. He will be replaced by Chris McCormick, an 18-year Bean veteran who was most recently coo. Gorman will remain chairman of the board.

Gorman, 66, is the grandson of company founder Leon Leonwood Bean. He became president of the company following the death of his grandfather in 1967. In that time, Bean has grown from four catalogs, one store and $5 million in annual net sales to well over 50 catalogs, a growing retail chain and $1.1 billion in annual net sales.

McCormick joined L.L. Bean in 1983 as assistant advertising manager. Prior to his elevation as coo, he was senior vp and cmo. He has been given credit for establishing the company's brand identity, for developing its international business and, more recently, its 1995 entry into e-commerce.