Chris McCormick plans to step down as CEO of L.L. Bean in 2016,
the Associated Press reported.
McCormick, the first non-family member to hold the position, has been president and CEO for 13 years and has been with the company for 31 years, the article said.
L.L. Bean has had four consecutive years of growth and recorded more than $1.5 billion in sales last year, the AP article said. The company plans to invest $100 million on its website, retail expansion and business systems, the report said. During McCormick’s tenure, the 102-year-old company evolved from a catalog seller to a multi-channel retailer. L.L. Bean now operates 19 stores, with three more planned to open this year, the AP reported.
McCormick succeeded Leon Gorman, grandson of founder L.L. Bean. Shawn Gorman, the current chairman and a great-grandson of the founder, said that the search for a new CEO will include inside and outside candidates, but he prefers to promote someone from within.
McCormick told the AP that he doesn’t plan to retire, though he doesn’t know what he will do next. (Source: Associated Press, May 19, 2014.)
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