Courtesy / L.L.Bean Inc.
Steve Smith, president and CEO of L.L.Bean.
January 5, 2023
L.L.Bean earns top honors in New England governance awards
Courtesy / L.L. Bean Inc.
L.L.Bean, the Freeport-based outdoor gear and clothing retailer, will receive an award from the National Association of Corporate Directors New England.
L.L. Bean has been honored as one of the top 2023 public and private company boards of the year by the National Association of Corporate Directors New England.
According to a prepared release, in recent years governance of the family-led, privately held, iconic outdoor retailer has evolved by adding independent directors, aligning the company's vision and goals to support and amplify the organization's purpose, and adding diverse perspectives to help the management of the business.
L.L.Bean has continued to follow and evolve its 60-year-old stakeholder philosophy to ensure success is not based on profit but on the well-being of the company's stakeholders, according to the release, including customers, employees, the community, vendors and the natural environment.
The awards will be presented at the NACDNE's annual "Director of the Year '' gala on April 25 in Boston. The other company being honored is Citizens Financial Group, headquartered in Providence, R.I.
"In Rhode Island-based Citizens Financial and Maine-based L.L. Bean, we have two of New England's most impressive examples of companies and their boards of directors continually reinventing venerable institutions to remain innovative, cutting-edge industry leaders at national scale, even amid all the challenges posed by the COVID-19 pandemic," said Beth I. Z. Boland, chair of the National Association of Corporate Directors New England.
Based on average monthly employment, L.L.Bean was ranked No. 7 among the largest private employers in the 2023 Mainebiz Book of Lists. The outdoor retailer also ranked No.1 among Maine's largest family-owned businesses in the 2023 Mainebiz Book of Lists, based on the number of Maine employees. The company has 3,300 employees at its 16 locations.
The NACD New England Chapter is part of a membership organization for board directors who want to expand their knowledge, grow their network and maximize their potential.
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