L.L.Bean announced Friday that Greg Elder, its chief retail officer, will become the company’s fifth president and CEO. Elder will take over during the first quarter as the 114-year-old retailer wraps its fiscal year in late February, with outgoing CEO Stephen Smith sticking around in an advisory role through March.
The move caps a search that kicked off last July when Smith said he was stepping down after ten years running the company. Elder has spent close to twenty years at L.L.Bean, most recently running stores, wholesale, international and direct-to-business. Before that, he held roles including vice president of stores and vice president of retail.
“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,” said Shawn Gorman, board chairman and great-grandson of founder Leon Leonwood Bean.
Elder joined L.L.Bean in 2007 from Eddie Bauer and Dayton Hudson Corporation (now Target). His appointment puts someone with deep operational knowledge at the helm. He’s overseen the store fleet, wholesale partnerships, and international operations. Whether nearly twenty years inside one organization positions a leader to push for necessary change or makes that change harder to execute remains an open question for heritage retailers navigating succession.
Elder described his priorities as an “evolve and amplify” strategy focused on product assortment and customer relationships. His role overseeing retail operations gives him direct experience with both the physical store business and digital channels, though the company did not provide details on store expansion targets, geographic priorities, or financial objectives.
L.L.Bean operates 68 stores across 19 states, plus 25 stores in Japan and 14 in Canada through a partnership with Jaytex Group. The Freeport, Maine flagship draws 3 million visitors annually.
Smith led the company through the pandemic and what L.L.Bean described as cultural transformation. The announcement did not include financial performance metrics from his tenure or specifics on transformation initiatives.
Elder serves on the board of the Retail Industry Leaders Association and previously held board positions with Wayside Food Programs and the New England Nordic Skiing Association. The company said it will continue developing its omnichannel capabilities and expanding into new markets while maintaining its focus on quality, customer service and outdoor heritage.
