L.L.Bean has announced that Stephen Smith will leave the company early next year after ten years as president and CEO.
In a press release issued Monday, the Freeport-based retailer credits Smith with modernizing operations and helping the company navigate the pandemic, during which it earned record profits.
"Steve's leadership has shaped L.L.Bean in ways that will endure well beyond his tenure," said Board of Directors Chairman Shawn Gorman.
According to the statement, the company's Board of Directors has initiated a search for Smith's successor. The company says the transition will be long, with Smith leaving next spring, to ensure a smooth and seamless handoff to whoever is chosen.
Smith said in the statement that he was lucky to have worked alongside “incredible people” with whom he shared challenges and successes and that he is looking forward to seeing what is next for the company.
"Leading L.L.Bean has been one of the greatest privileges of my life," Smith said. “I'm excited for the next leader who will carry this work forward and shape the next generation of leadership."
L.L.Bean operates 65 stores in 19 states across the U.S.
