Stephen Smith announced he will step down as President and CEO of L.L. Bean in the spring after nearly ten years in the role. As the first external hire for CEO, he led the company to record profits while respecting stakeholders. Smith made enhancements to the online store and renovated the flagship location in Freeport, Maine. Despite these efforts, L.L. Bean's net revenue saw little change between 2023 and 2024, following a drop in sales. The board is seeking a new leader as Smith fulfills duties until then.
"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.
"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 said. "His thoughtful decision making and deep care for this company, its history and its people have made us stronger and more connected."
Smith improved the company's online store in addition to renovating the company's flagship store in Freeport, Maine. However, the company's net revenue didn't see much change from 2023 to 2024, with sales dropping in 2023.
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