L.L. Bean Names Greg Elder as New CEO

L.L. Bean has announced the promotion of Greg Elder to President and Chief Executive Officer, effective during the first quarter of the year. This leadership change marks a new chapter for the iconic American heritage apparel company, as Elder succeeds Stephen Smith, who is departing after a decade-long tenure as CEO.

Smith will remain with L.L. Bean as an advisor to the board until March, ensuring a smooth transition. Elder is a seasoned veteran of the company, having joined L.L. Bean in 2007 and steadily rising through the ranks. Most recently, he served as Chief Retail Officer, demonstrating his expertise in all facets of the business.

Prior to his extensive career at L.L. Bean, Elder held leadership positions at other prominent retailers, including Eddie Bauer and Dayton Hudson Corporation (now Target). He is also actively involved in the retail industry as a member of the Retail Industry Leaders Association, bringing a wealth of external experience to his new role.

Shawn Gorman, Chairman of the Board, emphasized the deliberate nature of the selection process. “We were deliberate in finding a leader who will continue to honor our brand heritage while positioning us for the next era of growth,” Gorman stated. “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 expressed his gratitude and excitement about assuming the CEO position. “What makes L.L.Bean truly special is its people and purpose,” he said. He also acknowledged the contributions of his predecessor, stating, “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.”

Looking ahead, Elder outlined his vision for the company, emphasizing the importance of both preserving L.L. Bean’s core values and embracing innovation. He spoke of a commitment to sharpening product focus, deepening customer connections, and ensuring the brand remains relevant and inspiring for future generations. With this appointment, L.L. Bean enters its 114-year history with its fifth CEO at the helm.