After an extensive search, L.L. Bean has tapped a company veteran as its next president and chief executive officer.
On Friday, the outdoor lifestyle brand revealed that it has named company veteran Greg Elder to the top job. Elder will become L.L. Bean’s fifth president and CEO in company history, succeeding Steve Smith who announced his departure last July after 10 years leading the company.
L.L. Bean further noted that Elder will begin to transition into the role in the first quarter as the company wraps its fiscal year in late February. Smith will remain on board in an advisory capacity through March.
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As L.L. Bean’s next president and CEO, Elder will work to guide the 114-year-old company as it continues to evolve its omnichannel experience, expand retail presence in new and growing markets, and elevate its product assortment.
“We were deliberate in finding a leader who will continue to honor our brand heritage while positioning us for the next era of growth,” Shawn Gorman, chairman of the board of L.L. Bean and great-grandson of Leon Leonwood Bean, said in a statement. “Greg rose to the top because of his deep respect for our history, incredible knowledge of our business, strong track record of results and clear vision for the future.”
Elder has been with L.L. Bean for nearly two decades, most recently as chief retail officer where he oversaw stores, wholesale, international and direct to business. He joined L.L. Bean in 2007 following leadership posts at Eddie Bauer and Dayton Hudson Corporation (now Target). In addition to his contributions within L.L. Bean, Elder is an active member of the Retail Industry Leaders Association (RILA).
Elder shared that it is an “incredible honor” to be named CEO of L.L.Bean.
“This brand has shaped who I am – not just as a leader, but as someone who deeply believes in the power of the outdoors to bring people together,” Elder said. “We have a remarkable foundation built on purpose, quality and trust, and I’m excited to unlock sustainable growth through an ‘evolve and amplify’ strategy that strengthens our assortment and deepens our connection with customers for generations to come. I’m thankful to Steve for his leadership and mentorship, and I look forward to working closely with Shawn, the board and the entire L.L. Bean team to write our next successful chapter.”
For Smith, he added that leading the company for the past decade was the “honor” of his career.
“Together we’ve navigated extraordinary challenges, including the global pandemic, and created meaningful opportunities,” Smith noted. ”Stewarding a brand with such deep heritage and customer loyalty – and helping so many experience the outdoors and the essence of Maine – has been truly rewarding. As I reflect on this chapter, I’m proud of what we’ve built and the foundation we’ve laid for the future. I have full confidence that Greg will continue to advance our existing strategic plan while bringing his own extraordinary vision and leadership strengths to guide L.L. Bean into its next era.”
