L.L. Bean Announces Leadership Change

FOR IMMEDIATE RELEASE
Contact: Rich Donaldson
L.L. Bean, Inc.
207-552-6022
fax 207-552-6821
rdonaldson@llbean.com

Leon Gorman Named Chairman of the Board, Chief Operating Officer, Chris McCormick Now President and CEO

FREEPORT, Me., May 21, 2001—Today L.L.Bean Inc. announced changes in its top corporate leadership. Chris McCormick will assume the position of President and CEO of the 89 year-old, family-owned business. Mr. McCormick is an eighteen-year L.L.Bean veteran who was recently named to the position of Chief Operating Officer (COO). He will succeed Leon A. Gorman, L.L.Bean’s long-term President and CEO who will maintain an active role in the company as Chairman of the Board.

Mr. McCormick joined L.L.Bean in 1983 as Assistant Advertising Manager. Prior to his elevation to COO, Mr. McCormick held many positions of increasing responsibility, most recently serving as Senior Vice-President and Chief Marketing Officer. Under Mr. McCormick’s leadership, L.L. Bean Inc. has emerged as an industry leader in brand identity, customer loyalty, and marketing data base systems. He was instrumental in developing L.L.Bean’s international business and, more recently, L.L.Bean’s entry into e-commerce in 1995. Mr. McCormick has served on several industry boards, including the Direct Marketing Association, the Mail Order Association of America, and the Postal advisory board, as well as the board of the United Way of Greater Portland.

Mr. Gorman, 66, is the grandson of company founder Leon Leonwood Bean. Following the death of his grandfather in 1967, Mr. Gorman took over at L.L.Bean as company president. Since that time, Mr. Gorman has taken L.L.Bean from 4 catalogs, one store, and $5 million in annual net sales to its current status as an industry leading multi-channel enterprise of well over 50 catalogs and $1.1 billion in annual net sales. Mr. Gorman enjoys a number of outdoor recreational pursuits and is active in both state and national conservation organizations including the Nature Conservancy and the Appalachian Mountain Club. He is also involved in numerous other community activities and organizations including the United Way of Greater Portland and Bowdoin College.

Regarding the change, Mr. Gorman said he had been considering a leadership change at the company for some time. “In 1996, L.L.Bean launched a top to bottom review of our business and its position in our market,” Mr. Gorman stated. “We have completed implementation of the strategic initiatives identified in this review. The initiatives are well underway and showing strong results. Our new organization is in place with first rate leadership, and Chris has worked closely with me in setting our current course. Chris is a natural successor having both my confidence and the confidence of his colleagues.” As Chairman of the Board of Directors, Mr. Gorman will focus on corporate governance and oversight of long term business strategy.

Mr. McCormick said, “I am honored to have been selected L.L.Bean President. Having worked with Leon for 18 years, I know the position I have to fill. I am fortunate in my new role that I will continue to have Leon’s valued support, advice and counsel. The organization is on firm footing and we have a very capable and highly committed workforce at all levels. L.L.Bean customers and the community will continue to see a company with a unique set of values committed to quality products, excellent customer service, our outdoor heritage and respect for people.”

The L.L.Bean Board of Directors formally approved the leadership changes on May 18, 2001 to take effect immediately.

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