1st 'outsider' to lead retailer LL Bean | News
FREEPORT, Maine (NEWS CENTER) -- L.L. Bean has gone outside the company for the first time in its 103-year history for its new CEO.
The outdoors retailer told employees Tuesday that it has tapped the chief merchandising and marketing officer of Chinese online grocer Yihaodian.
"We are very pleased with the selection of Steve Smith as our next President," said Shawn Gorman, L.L.Bean Chairman of the Board. "Hiring a CEO who embodies the values of Bean was a top priority for the family and the Board, and I am confident we have done just that. He has a deep understanding of and appreciation for customer needs, and multi-channel retailing, which is well aligned with our approach here at L.L.Bean."
McCormick was the first person outside the L.L. Bean family to serve as CEO. He had been promoted from within.
The Maine-based company was founded in 1912, when Leon Leonwood Bean sold his original Maine Hunting Shoe. The company had $1.6 billion in sales last year and has more than 5,000 workers.