L.L. Bean promotes Greg Elder to CEO

L.L. Bean announced on Friday the promotion of company veteran Greg Elder to the role of president and chief executive officer.

Elder succeeds Stephen Smith, who will depart the American heritage apparel company after ten years as CEO.

​Elder will transition into his new role as CEO during the first quarter, with Smith continuing to serve on the board as an adviser until March.

Joining L.L. Bean in 2007, Elder has held several leadership positions at the company, including chief retail officer, his most recent post.

Prior to that, he held leadership roles at Eddie Bauer and Dayton Hudson Corporation, now known as Target. Elder is also a member of the Retail Industry Leaders Association.

“We were deliberate in finding a leader who will continue to honor our brand heritage while positioning us for the next era of growth,” Shawn Gorman, chairman of the board of L.L. Bean said in a statement. “Greg rose to the top because of his deep respect for our history, incredible knowledge of our business, strong track record of results and clear vision for the future.” 

Elder will be the Freeport, Maine-based company’s fifth CEO in its 114-year history.

“What makes L.L.Bean truly special is its people and purpose. I’m proud to take on this responsibility alongside such a committed and talented team, and I’m grateful for the trust of the Bean family and our board as we begin this next chapter together,” said Elder.

“I’m also thankful for the past 10 years of leadership and friendship from Stephen Smith, who has led the company with heart and conviction through some particularly challenging seasons.

“This brand has been part of my life for many years, and it has deep personal meaning for me to accept this role. Our heritage, our connection to the outdoors and our culture of service and craftsmanship are powerful foundations. At the same time, we have an opportunity and a responsibility to keep evolving: to sharpen our product focus, deepen our connection with customers and ensure L.L.Bean remains relevant and inspiring for the next generation.”