L.L.Bean names new CEO
L.L.Bean has ended its search for a new chief executive.
The iconic outdoor lifestyle retailer named company veteran Greg Elder as its next CEO. Elder has been with L.L.Bean for nearly two decades, most recently as chief stores officer, overseeing stores, wholesale, international and direct to business.
He will succeed Stephen Smith, who will step down as president and CEO of the company in the spring of 2026 following a decade of leadership. Smith will remain on board in an advisory capacity through March.
Elder, who will be the fifth president and CEO in L.L.Bean's history, will begin to transition into his new role in the first quarter as the retailer wraps its fiscal year in late February. He will take the reins of the company as it accelerates its expansion, with plans to open eight stores in 2026, including its first-ever locations in Alabama and Tennessee, with an additional eight to 10 outposts in 2027.
L.L.Bean’s board initiated the search for a new CEO in July, following Smith’s decision to step down. The search was led by Shawn Gorman, chairman and great-grandson of Leon Leonwood Bean.
“We were deliberate in finding a leader who will continue to honor our brand heritage while positioning us for the next era of growth," said Gorman. “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.”
In a release, Bean said that Elder will implement the next phase of the company’s long-term plan through an “evolve and amplify” strategy that builds on the 114-year-old retailer’s enduring legacy of quality, customer service and outdoor heritage.
Elder joined L.L.Bean in 2007 following leadership posts at Eddie Bauer and Dayton Hudson Corp. (now Target). In addition to his contributions within L.L.Bean, Elder is an active member of the Retail Industry Leaders Association and formerly served on the boards of Wayside Food Programs and the New England Nordic Skiing Association.
“It’s an incredible honor to be named CEO of L.L.Bean,” Elder said. “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.”
L.L.Bean operates 68 stores in 19 states across the United States, along with 25 stores in Japan and 14 stores in Canada, in partnership with Jaytex Group.
