Stephen Smith to step down as L.L.Bean CEO

Courtesy / L.L.Bean Inc. Stephen Smith joined L.L. Bean in 2016 as the first non-family member to lead the Freeport-based company.

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By Renee Cordes

After a decade at the helm of L.L.Bean, Stephen Smith plans to step down as president and CEO in spring 2026, the Freeport-based maker and retailer of outdoor apparel and gear announced Monday.

"Leading L.L.Bean has been one of the greatest privileges of my life," Smith said in a news release. "I've been fortunate to work alongside incredible people who care deeply about this company, our customers, and each other.”

Smith, the first outsider to lead the family-owned business and second non-family member in the role, did not give a reason for his planned departure. He will turn 55 at the end of this month.

The company’s board of directors, led by Chairman Shawn Gorman, has started a search for Smith's successor, promising a "seamless handoff," the company said.

The company, founded in 1912 by Leon Leonwood Bean as a one-room operation selling a single product, today operates 65 stores in 19 U.S. states, along with 25 stores in Japan and 14 stores in Canada in partnership with the Jaytex Group. It is also ranked as Maine's largest family-owned business in the 2025 Mainebiz Book of Lists, although the ranking is based on the company's survey response from 2019.

Smith's planned exit comes in the midst of a $50 million campus revamp in Freeport, with a project project team that includes Zachau Construction of Freeport; Boston-based architect Arrowstreet Inc.; architects and engineers WBRC of Bangor; and South Portland engineering firm Sebago Technics.

In his keynote speech at last year's New England Craft Brew Summit, Smith told the audience that "your minds are going to be blown" by the planned changes.

He also shared tips on building a brand, citing L.L.Bean's long-running "Be An Outsider" campaign.

“Everything we do is in service of this purpose,” he told attendees. “You can’t plan for your business if you don’t know who you are, why you exist, what makes you different and what your brand stands for."

In 2023, L.L.Bean completed a $110 million makeover of its headquarters building on Main Street in Freeport.

In December, the company announced plays to lay off up to 75 employees due to the "fluctuating retail landscape."

L.L.Bean posted 2024 revenue of $1.7 billion, unchanged from 2023. It also approved an employee bonus of 6.5% of annual pay for its 5,500-strong workforce. The bonus consists of a 3.5% cash bonus and a 3% 401(k) contribution.