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Camden National names board chair to take over at year's end

By Alexis Wells

Camden National Corp. (Nasdaq: CAC), the parent company of Camden National Bank, has laid out a succession plan that will include a change at the board chair position. 

Marie McCarthy has been named vice chair of the board of directors, effective immediately, and will become chair of the 12-person board upon the retirement of Lawrence “Larry” Sterrs on Dec. 31. 

Photo / Courtesy Camden National Bank
Lawrence “Larry” J. Sterrs

Sterrs served 10 years on the board, including eight years as chair. 

“Marie McCarthy has been a valued voice on the board and a distinguished leader serving global businesses and nonprofit communities,” said Sterrs.

“As I retire and we celebrate Camden National Bank’s 150th anniversary, I am thrilled she will step into the role of board chair, and am confident she will guide the board with strength and vision. I also want to thank my fellow directors and [President and CEO] Simon Griffiths for their leadership during this transition.”

About McCarthy

Photo / Courtesy Camden National Bank
Marie McCarthy

McCarthy has served as an independent member of the board since 2018, chairing the compensation committee and serving on the technology committee.

“I am honored to succeed Larry and grateful for the chance to build on his inspiring leadership. In the years I have served with him, I have come to admire his passion, leadership and dedication to this strong organization,” said McCarthy.

She served as chief operations officer at L.L.Bean before retiring in April 2025. She had been with L.L.Bean since 1993; in recent years, her role evolved to include oversight of operations, encompassing fulfillment, returns, manufacturing, customer satisfaction and corporate facilities and real estate. 

McCarthy was a member of L.L.Bean’s investment committee and benefits committee, retail real estate committee and corporate real estate committee, overseeing all corporate holdings. 

“Marie has had a profound impact on our business, consistently applying a disciplined approach to strategy, execution and customer experience," said CEO Griffiths. "She brings both a global and community-focused perspective, along with deep expertise in people and culture. Her more than 30 years of leadership at L.L.Bean, particularly in real estate and operational excellence, make her an invaluable asset to our organization.”

She serves on the board of directors of Maine Health and the Olympia Snowe Women’s Leadership Institute. 

McCarthy received her master's degree in industrial relations and HR management from the University of Rhode Island. 

Based on assets as of June 30, 2024, Camden National was ranked the second-largest Maine-based bank after Bangor Savings in the 2025 Mainebiz Book of Lists.

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