L.L.Bean Inc. has promoted long-time executive Greg Elder to president and chief executive officer, selecting the company’s chief retail officer to lead the outdoor retailer through its next phase of growth.
The appointment follows an internal and external search and comes as the Freeport, Maine–based company prepares to close its fiscal year in late February. Elder will begin transitioning into the role in the first quarter, while outgoing CEO Stephen Smith will remain in an advisory capacity through March.
Leadership transition after decade under Smith
Smith announced in July 2025 that he would step away after 10 years leading the privately held company. The board of directors, chaired by Shawn Gorman, then began a search for a successor.
Elder has worked at L.L.Bean for nearly two decades and most recently served as chief retail officer, overseeing stores, wholesale, international and direct-to-business operations. He previously held the roles of vice-president of stores and vice-president of retail and has worked closely with Smith for much of the past decade.
“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 said. “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.”
Focus on next phase of strategy
In announcing the promotion, the company said Elder will be responsible for implementing the next phase of its long-term plan, described internally as an “evolve and amplify” strategy. The approach is intended to build on the retailer’s legacy while advancing growth initiatives across its operations.
As president and CEO, Elder will guide L.L.Bean as it continues to develop its omni-channel business, expand its retail footprint in new and growing markets and adjust its product assortment, according to the company.
“It’s an incredible honor to be named CEO of L.L.Bean. This brand has shaped who I am — not just as a leader, but as someone who deeply believes in the power of the outdoors to bring people together,” Elder said. “We have a remarkable foundation built on purpose, quality and trust, and I’m excited to unlock sustainable growth through an ‘evolve and amplify’ strategy that strengthens our assortment and deepens our connection with customers for generations to come. I’m thankful to Steve for his leadership and mentorship, and I look forward to working closely with Shawn, the board and the entire L.L.Bean team to write our next successful chapter.”
Board cites continuity and experience
Gorman, who is the great-grandson of founder Leon Leonwood Bean, said the board viewed Elder’s tenure and familiarity with the business as key factors in the decision. The company said the promotion reflects a desire for continuity as L.L.Bean builds on its existing strategic plan.
Smith, who will advise the company during the transition period, pointed to the challenges and changes the business faced during his tenure.
“Leading the L.L.Bean team for the past decade has been the honor of my career,” Smith said. “Together we’ve navigated extraordinary challenges, including the global pandemic, and created meaningful opportunities. Stewarding a brand with such deep heritage and customer loyalty – and helping so many experience the outdoors and the essence of Maine – has been truly rewarding. As I reflect on this chapter, I’m proud of what we’ve built and the foundation we’ve laid for the future. I have full confidence that Greg will continue to advance our existing strategic plan while bringing his own extraordinary vision and leadership strengths to guide L.L.Bean into its next era.”
Gorman also acknowledged Smith’s contribution to the company during the leadership change.
“On behalf of the L.L.Bean Board and family, I want to thank Steve Smith for his leadership and partnership over the last decade and during this transition,” he said. “Steve helped guide the company through meaningful cultural transformation while strengthening the business for the long term. His steady leadership, clarity of values and deep commitment to the people and purpose of the brand positioned the organization to evolve without losing sight of what makes it special. We are deeply grateful for his contributions and lasting impact.”
Background and operations
Elder joined L.L.Bean in 2007 after holding leadership roles at Eddie Bauer and Dayton Hudson Corporation, now known as Target. Outside the company, he is a member of the Retail Industry Leaders Association and has previously served on the boards of Wayside Food Programs and the New England Nordic Skiing Association.
Founded in 1912, L.L.Bean remains family owned and operates as a multichannel retailer of outdoor gear and apparel. The company runs 68 stores across 19 U.S. states, as well as 25 locations in Japan and 14 in Canada through a partnership with Jaytex Group. Its flagship retail campus in Freeport operates year-round.
With Elder set to assume the top role, the company said the leadership transition is designed to maintain its core values while positioning the business for continued evolution under new executive leadership.
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