L.L. Bean names new president and CEO
Courtesy / L.L.Bean Inc.
Stephen Smith, L.L.Bean's CEO, oversaw a 14% jump in revenues during 2021.
Outdoors retailer L.L. Bean named a new president and CEO Tuesday, Stephen Smith, a merchandising and marketing executive of a Walmart-owned Chinese e-commerce business and a former executive with the Delhaize Group, the parent company of Hannaford Brothers Co.
L.L. Bean announced Tuesday that Smith, who will be the first outsider to lead the company in its 103-year history, will replace Chris McCormick after McCormick retires at the end of the fiscal year in February 2016.
McCormick in May 2001 became the first non-family member to be named president and CEO after Leon Gorman stepped down to become chairman of L.L.Bean’s board.
Under McCormick’s leadership, L.L.Bean emerged as an industry leader in brand management, customer loyalty and marketing database systems. He launched the company’s international business as well as its entry into e-commerce in 1995.
McCormick announced in May 2014 that he would step down in 2016 after 15 years of leading the company and 33 years of working there.
“We are very pleased with the selection of Steve Smith as our next president,” Shawn Gorman, L.L.Bean’s board chairman said in a statement. “Hiring a CEO who embodies the values of Bean was a top priority for the family and the board, and I am confident we have done just that. He has a deep understanding of and appreciation for customer needs, and multi-channel retailing, which is well aligned with our approach here at L.L.Bean.”
L.L. Bean said Smith has an extensive background in the retail industry, experience that spans customer relationship management, strategy, brand development, marketing and merchandising across all channels.
He has been chief merchandising and marketing officer for Walmart-owned Yihaodian in Shanghai City, China since August, according to his LinkedIn profile.
Prior to that, Smith was senior vice president for Walmart International in the United Kingdom and China, with a primary focus on long-range China strategies. He was director of marketing for Hannaford Bros. in Scarborough from February 2002 to September 2003.
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