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L.L.Bean Chief Executive Officer Stephen Smith will step down in the spring of 2026, allowing the outdoor retailer time to find the right candidate to replace him, the company said Monday.
Smith, who took the job nearly 10 years ago, was the first to be tapped for the job from outside L.L. Bean or its founding family. In a press release Monday, the company credited him with modernizing operations and navigating “unprecedented challenges like the pandemic.”
During that period the retailer, like many in the outdoor space, thrived as people avoided congregating indoors, though that boom is decidedly over. L.L. Bean seized the opportunity, announcing plans in 2023 to add to its store count and wholesale operations, an expansion that continued into last year despite sales declines. In December, the company laid off 3% of its Maine-based corporate workforce and in March, with 2024 net revenue flat year over year at $1.7 billion, cited “a challenging retail environment impacted by inflationary headwinds and a decrease in spending in the outdoor sector.”
The retailer appears to be sticking with its growth plans, however. “Despite flat revenue … due to inflation and decreased consumer spending, L.L.Bean pursued an aggressive omnichannel growth strategy,” Jefferies analysts said in March, noting ongoing expansions of brick and mortar, wholesale and assortments.