L.L.Bean, Inc., Announces New Board Members
Freeport, Maine, May 8, 2014 – L.L.Bean today announced the appointment of two new independent directors to its corporate board.
Shawn Gorman, Chairman of the Board of Directors, commented, "I am very pleased with the selection of these new board members. They bring a wealth of retail and business experience. As the board continues to focus on the overall governance and strategic direction of the organization, the addition of these new members will provide valuable outside perspective as well as additional business expertise."
In May of 2013, shareholders approved a board that includes six L.L.Bean family owners, L.L.Bean CEO Chris McCormick and three independent directors. A search for the third independent director will commence this year.
Hugh Farrington is a longtime business and community leader in Maine. He was associated with Hannaford Brothers Company for over 30 years in a number of leadership positions, including President and CEO. After serving 10 years as CEO of Hannaford, Hugh stepped down to become Executive Vice President of Delhaize Group where he continues as a member of the Board. He holds a Bachelor's degree from Dartmouth College and a Master of Arts in Teaching from the University of New Hampshire.
Matthew Moellering has been with Express, Inc., in Columbus, Ohio, since 2007. He currently serves as the Executive Vice President and Chief Operating Officer. Prior to Express he was with Limited Brands and Procter and Gamble. He attended the United States Military Academy at West Point, and received his MBA at Duke University's Fuqua School of Business. Matt brings much to the L.L.Bean Board, with extensive experience in retail operations and finance, as well as a clear understanding of the challenging retail environment.
"We have known Hugh for many years and have admired his commitment to business and the Maine community. Matt has an active interest in the outdoors and understands the L.L.Bean brand and company values. We are very fortunate to have candidates of their caliber and talent joining our corporate board," said Gorman.
L.L.Bean, Inc., is a leading multichannel merchant of quality outdoor gear and apparel. Founded in 1912 by Leon Leonwood Bean, the company began as a one-room operation selling a single product, the Maine Hunting Shoe. While its business has grown over the years, L.L.Bean still upholds the values of its founder, including his dedication to quality, customer service and a love of the outdoors. L.L.Bean products are rigorously tested, guaranteed to last and always shipped free. In the past five years, L.L.Bean has donated over $6 million toward conservation and land stewardship. The 220,000 sq. ft. L.L.Bean retail store campus in Freeport, ME, is open 24 hours a day, 365 days a year and welcomes more than 3 million visitors every year. L.L.Bean can be found worldwide at www.llbean.com, L.L.Bean Facebook, L.L.Bean Twitter, L.L.Bean YouTube , Pinterest, Google+ and Instagram.
A privately held company, L.L.Bean does not publicly disclose financials.