L.L.Bean CEO stepping down in 2016
L.L.Bean President and CEO Chris McCormick is stepping down in March 2016 after 15 years of leading the company and 33 years of working there.
The Bangor Daily News reported McCormick sent a memo this week to inform employees of his pending retirement. He is the Freeport-based company's first non-family leader, succeeding Leon Gorman, the grandson of founder Leon L. Bean.
During McCormick's tenure, L.L.Bean increased sales by $400 million to $1.56 billion last year and increased its out-of-state stores from one in 2001 to 19 in 2014, according to his memo.
The company also saw its Internet sales beat catalog sales for the first time in the company's 102-year-old history last year, and it has plans to invest $100 million in web systems, retail stores and internal business systems.
McCormick said to employees that L.L.Bean “has grown, is financially strong and debt free” after navigating the economic downturn that began in 2007.
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