Leon Gorman Net Worth

What was Leon Gorman's net worth?

Leon Gorman was an American businessman who had a net worth of $860 million at the time of his death in 2015.

Leon A. Gorman (1934-2015) transformed L.L. Bean from his grandfather's modest Maine retail store into a billion-dollar global outdoor equipment and clothing empire. Taking over as president in 1967 following the death of founder Leon Leonwood Bean, Gorman modernized and expanded the company over a 46-year tenure as president and chairman, growing annual sales from $5 million to over $1.6 billion. Under his leadership, L.L. Bean evolved from a single-store operation with fewer than 100 employees to a multi-channel retailer with 24 stores across 14 states and a workforce of 5,000. While revolutionizing the business through computerization and early adoption of e-commerce, Gorman maintained his grandfather's commitment to customer service and product quality. Beyond business, he was an accomplished outdoorsman and conservationist who donated millions to environmental causes, while remaining deeply connected to his Maine roots, living in his childhood home and volunteering weekly at a local soup kitchen until his death from cancer at age 80.

Richest Person in Maine

Thanks to a fortune that peaked at $860 million, Leon Gorman was the richest person in Maine for much of his adult life. Today, author Stephen King is Maine's richest resident, followed by Roxanne Quimby, the co-founder of Burt's Bees.

Early Life and Entry into Business

Born in Nashua, New Hampshire in 1934, Gorman was groomed from an early age to enter the family business. After graduating from Bowdoin College in 1956, he gained retail experience at Filene's department store in Boston and served in the Navy Reserve before joining L.L. Bean as treasurer in 1961 at a modest salary of $80 per week. When his grandfather died in 1967, followed shortly by the death of his uncle Carl Bean, Gorman assumed the presidency at age 32, facing immediate concerns about the company's survival.

Modernizing L.L. Bean

Gorman quickly proved himself a capable leader, methodically modernizing the company while preserving its core values. He computerized operations, created the company's first customer database, and expanded product lines beyond the signature hunting boots to include a wider range of outdoor gear and home furnishings. In 1995, demonstrating remarkable foresight, he launched L.L. Bean's e-commerce platform, which would eventually surpass catalog and phone sales. Under his leadership, the company maintained annual growth rates of up to 20 percent while retaining its reputation for exceptional customer service.

Environmental Leadership and Philanthropy

Like his grandfather, Gorman was an avid outdoorsman and committed conservationist. He donated more than $6 million to environmental organizations including the National Park Foundation and the Appalachian Trail Conservancy, helping preserve the trail's 100-mile wilderness. In 1990, he participated in the Earth Day 20 International Peace Climb on Mount Everest, and his company supported numerous environmental initiatives. In his later years, he donated significant land holdings to state parks and the Maine Coast Heritage Trust, including an old L.L. Bean hunting preserve in Casco Bay.

Personal Life and Legacy

Despite his tremendous business success, Gorman maintained a modest lifestyle, continuing to live in his childhood home in Yarmouth, Maine. He demonstrated a deep commitment to his community, notably spending 12 years volunteering weekly at a Portland soup kitchen, making breakfast for the homeless every Wednesday morning. His 2006 memoir, "L.L. Bean: The Making of an American Icon," written characteristically in longhand due to his self-proclaimed computer illiteracy, detailed his pride in growing the company while maintaining its Maine values of integrity, customer service, and love of the outdoors. At his death in 2015, Gorman was celebrated by Maine's business and political leaders not just for his business acumen, but for his role in defining and preserving Maine's cultural identity and natural heritage.