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L.L. Bean president is stepping down
After nearly a decade, L.L. Bean President and CEO Stephen Smith is stepping down in the spring.
After nearly a decade in his role, L.L. Bean President and CEO Stephen Smith is stepping down, the company announced Monday.
“Coming into a decade of leadership here marks a natural milestone and transition point for me personally, and for the organization. I’m excited for the next leader who will carry this work forward and shape the next generation of leadership at L.L.Bean,” Smith said in a press release.
Smith was the company’s first external hire for the CEO position. In the role, he assisted the company reach “record profits” and “maintained its commitment to its stakeholders, most notably L.L.Bean employees,” according to the release.
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Smith improved the company’s online store in addition to renovating the company’s flagship store in Freeport, Maine, according to The Boston Globe. However, the company’s net revenue didn’t see much change from 2023 to 2024, with sales dropping in 2023.
“I’ve been fortunate to work alongside incredible people who care deeply about this company, our customers, and each other. Together, we’ve navigated change, celebrated success, and stayed true to what makes L.L.Bean special,” Smith said.
“Steve’s leadership has shaped L.L. Bean in ways that will endure well beyond his tenure,” L.L. Bean chairman Shawn Gorman, the great-grandson of the company’s founder, told The Boston Globe. “His thoughtful decision making and deep care for this company, its history and its people have made us stronger and more connected.”
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With Smith leaving in the spring, his responsibilities will remain the same until then: preparing for the winter season and focusing on the company’s “Vision 2030” plans.
L.L.Bean’s board of directors is in the process of finding the company’s next leader, with Smith’s 2026 departure date allowing for a smooth transition, the board told the Globe.
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