L.L.Bean CEO Sets Exit

L.L.Bean Inc. (Freeport, Maine) announced that President and CEO Stephen Smith has decided to depart in the spring of 2026, following a decade at the helm of the omnichannel retailer. The L.L.Bean board has started a search for Smith’s successor.

“Leading L.L.Bean has been one of the greatest privileges of my life,” said Smith. “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. 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 joined L.L.Bean in 2016 as the company’s first-ever external CEO. Prior to that, according to published reports at that time, he held executive roles at Walmart Intl. subsidiaries such as Sam’s Club in China and ASDA in the U.K., as well as several subsidiaries of European food retailer Delhaize.

“Steve’s leadership has shaped L.L.Bean in ways that will endure well beyond his tenure,” said board chairman Shawn Gorman, great-grandson of founder Leon Leonwood Bean. “His thoughtful decision making and deep care for this company, its history and its people have made us stronger and more connected. I’ve valued our partnership over the years and thanks to his leadership, we’re well positioned for what’s next.”

Founded in 1912, the company began as a one-room operation selling a single product, the Maine Hunting Shoe. Today, L.L.Bean operates 65 stores in 19 states across the United States, along with 25 stores in Japan and 14 stores in Canada, in partnership with Jaytex Group. The 220,000-square-foot L.L.Bean retail campus in Freeport is open 24 hours a day, 365 days a year and welcomes more than 3 million visitors annually.