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L.L. Bean goes outside to bring in new CEO

For the first time in its history outdoor retailer L.L. Bean is hiring an 'outsider' as its new president and CEO.

November 6, 2015

For the first time in its history outdoor retailer L.L. Bean is hiring an 'outsider' as its new president and CEO.

Stephen Smith, who'll serve as the 103-year-old company's fourth chief, will replace Chris McCormick who is retiring in Feb. 2016. Smith, 45, has held executive roles at both U.S. and internationally based retailers, including Sweetbay Supermarkets and Delhaize Le Lion in Florida and Belgium, and Walmart International subsidiaries, including Sam's Club in China, according to a company release.

"We are very pleased with the selection of Steve Smith as our next president," said Shawn Gorman, chairman of the board. "Hiring a CEO who embodies the values of Bean was a top priority for the family and the board, and I am confident we have done just that. He has a deep understanding of and appreciation for customer needs, and multichannel retailing, which is well aligned with our approach here at L.L.Bean."

L.L. Bean is a family-owned enterprise that was founded by Leon Leonwood Bean in a one-room operation in Maine selling one product, the Maine Hunting Shoe. Today it is a global retailer boasting annual sales of $1.61 billion.

In early September one of the company's former CEOs and grandson of the founder passed away. Leon A. Gorman died on Thursday, Sept. 3 in Yarmouth, Maine. He was appointed president of the company in 1967 and served in that capacity for over 35 years.