L.L.Bean President And CEO Stephen Smith Plans Departure In 2026 After A Decade Of Leadership

(MENAFN- PR Newswire)

FREEPORT, Maine, July 14, 2025 /PRNewswire/ -- L, Inc. today announced that President and Chief Executive Officer Stephen Smith has decided to depart in the spring of 2026, following a decade of leadership. Smith's planned departure marks a thoughtful transition designed to position the company's next leader to guide the future of L's long-range business and omni-channel strategy.

"Leading L has been one of the greatest privileges of my life," said Smith. "I've been fortunate to work alongside incredible people who care deeply about this company, our customers, and each other. Together, we've navigated change, celebrated success, and stayed true to what makes L special. Coming into a decade of leadership here marks a natural milestone and transition point for me personally, and for the organization. I'm excited for the next leader who will carry this work forward and shape the next generation of leadership at L."

The L Board of Directors, led by Chairman Shawn Gorman, has initiated a search for Smith's successor, with an extended transition period in place to support a seamless handoff.

Smith joined L in 2016 as the company's first-ever external CEO. Over the past decade, he has championed a culture of transparency, collaboration, and cross-functional alignment that has helped strengthen the organization. His steady leadership modernized operations, enhanced go-to-market capabilities, and helped the company navigate unprecedented challenges like the pandemic, during which the company both achieved record profits and maintained its commitment to its stakeholders, most notably L employees.

"Steve's leadership has shaped L in ways that will endure well beyond his tenure," said Gorman. "His thoughtful decision making and deep care for this company, its history and its people have made us stronger and more connected. I've valued our partnership over the years and thanks to his leadership, we're well positioned for what's next."

Smith will remain fully engaged in leading the company and transitioning responsibilities to his successor in early 2026, focusing on continued growth, preparing for the upcoming peak season, and advancing the work outlined in the company's long-range "Vision 2030" strategic plan.

About L
, great grandson of Leon Leonwood Bean, was named Chairman of the Board of Directors in 2013. While its business has grown over the years, L continues to uphold the values of its founder, including his dedication to quality, customer service and a love of the outdoors. In 2024, L donated over $6.8 million to outdoor and community-enriching organizations focused on increasing access to and inclusivity in the outdoors. L operates 65 stores in 19 states across the United States, along with 25 stores in Japan and 14 stores in Canada, in partnership with Jaytex Group. The 220,000-sq. ft. L retail store campus in Freeport, ME, is open 24 hours a day, 365 days a year and welcomes more than 3 million visitors every year. L can be found worldwide at , Faceboo , YouTube , Pinterest , and Instagram .

SOURCE L

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