FREEPORT, Maine (AP) — The first non-family member to lead L.L. Bean says he’s planning to step down.
CEO Chris McCormick told employees in a memo Monday that he plans to retire from the Maine-based company in March 2016. He said he’s giving early notice to ensure a smooth transition.
McCormick has been with privately held L.L. Bean for 31 years, including 13 years as president and CEO. He succeeded Leon Gorman, who is L.L. Bean’s grandson.
The Maine-based retailer is coming off its fourth year of consecutive sales growth.
McCormick said the company is debt-free and well positioned for future growth after weathering the deepest recession in more than a half-century.