Chris McCormick, L.L. Bean's president and CEO since 2001, plans to step down in 2016, according to a report by the Associated Press that cites an e-mail from the executive to the company's employees.
First joining the company in 1977, he is the first non-family member to lead take on the title of President and CEO at L.L. Bean, Inc.
According to the AP report, McCormick told employees in a memo that he's giving early notice so there can be a smooth transition.
“In this time together, we weathered the dramatic business impacts following the tragic events associated with 9/11. We also managed our way through, and even prospered (though with some sacrifices) during the deepest recession in more than half a century,” he wrote. “The company has grown, is financially strong and debt free.”
The privately held firm is coming off its fourth year of consecutive growth.
L.L. Bean will look for a successor from both inside and outside the company, but prefers but Leon Gorman, chairman, said the preference is an internal candidate.
The full AP story is here.
