FREEPORT, Maine — The first non-family member to lead L.L. Bean says he's planning to step down in 2014 after more than a decade as CEO.
Chris McCormick, president and CEO, told employees in a memo that he's giving early notice so there can be a smooth transition.
During his tenure, McCormick helped to transform the 102-year-old outdoors retailer from a catalog company into a multi-channel retailer that does most of its business online. He's also sped up the opening of retail stores, with 19 stores now in operation and plans to open three more this year.
The privately held retailer is coming off its fourth year of consecutive growth.
"In this time together, we weathered the dramatic business impacts following the tragic events associated with 9/11. We also managed our way through, and even prospered (though with some sacrifices) during the deepest recession in more than half a century," he wrote. "The company has grown, is financially strong and debt free."
McCormick has been with L.L. Bean for 31 years, including 13 as president and CEO. He succeeded Leon Gorman, founder L.L. Bean's grandson. The current chairman is Bean's great-grandson, Shawn Gorman.
With more than $1.5 billion in sales last year, the company is poised for more growth.
McCormick told workers in March that L.L. Bean has been conservative for the past few years and is now ready to "accelerate our growth plans and grab market share." That plan includes pumping an additional $100 million into its website, retail expansion and business systems, he said.
The company's recent fortunes have tracked closely with booming sales of the L.L. Bean hunting shoe. The company continues to add workers at a Maine production plant to keep up with demand.
June Strohmeyer, a Denver resident visiting the flagship store for the first time, said she Monday that appreciates L.L. Bean's timeless style, customer service and durability.
And she's willing to pay for it.
"It is more expensive but I don't care. I don't like what I see at Macy's, the Gap, or Old Navy," the 62-year-old shopper said. "Those are for younger people. That's not me."
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Follow David Sharp on Twitter at https://twitter.com/David_Sharp_AP
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