Stephen Smith, the president and CEO of L.L.Bean, will leave the company in the spring of 2026, capping nearly a decade of leadership at the iconic Maine-based outdoor brand. L.L.Bean’s Board of Directors, led by Chairman Shawn Gorman, has initiated a search for Smith’s successor, with an extended transition period in place to support a seamless handoff.
Smith, who became L.L.Bean’s first external CEO in January 2016 and fourth overall, said the planned departure represents a natural milestone in his career and for the company.
“Leading L.L.Bean has been one of the greatest privileges of my life,” Smith said in a statement. “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 also posted on LinkedIn, pointing out the work still to be done.
“As we continue the important work of our next five-year strategy, known internally as Vision 2030 — engaging a new target customer, expanding access to the outdoors, growing our retail and wholesale presence, and deepening customer connections through technology — this felt like the right time to begin a thoughtful leadership transition. Ten years is a natural milestone, and as I reflected on the path ahead, using my long-held pack basket metaphor as a method, I felt confident this moment offered the right balance of continuity and a great opportunity for what and who is next,” the CEO shared.
“There’s no shortage of work still to do, so I am immediately back to work after announcement day, and will carry on through to 2026. But overall, I’m simply grateful for the team, our employees, your trust, and the time we’ve shared,” he concluded.
L.L.Bean noted that during Smith’s tenure, he has emphasized transparency and collaboration, helping to modernize operations and go-to-market strategies, thereby enhancing L.L.Bean’s reach in a competitive retail landscape. He also led L.L.Bean through “unprecedented challenges,” including the pandemic, during which the company achieved record profits while maintaining its commitment to stakeholders, most notably its employees.
“Steve’s leadership has shaped L.L.Bean in ways that will endure well beyond his tenure,” said Gorman. “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.”
L.L.Bean reported flat year-over-year sales in the 2024 fiscal year, with annual net revenue again totaling $1.7 billion. Sales were down slightly in both 2023 and 2022 after jumping 14 percent to record levels in 2021 and 5 percent in 2020.
L.L.Bean operates 65 stores in 19 states nationwide, along with 25 stores in Japan and 14 stores in Canada, in partnership with Jaytex Group. At the time Smith took over as CEO at the start of 2016, L.L.Bean had 34 stores across 16 states in the U.S., plus 20 in Japan.
Smith, who formerly held executive roles for Walmart’s International Segment, will continue to lead the retailer and transition responsibilities to his successor in early 2026.
Images courtesy L.L.Bean/LinkedIn
