Stephen Smith

L.L.Bean has promoted top retail executive Greg Elder to succeed Stephen Smith as president and CEO, the...

Mainebiz recorded changes at law firms, banks, health care institutions, utilities and nonprofits. 

Smith plans to step down in 2026 after a decade of leadership.

L.L.Bean, the Freeport-based clothing and outdoor gear maker and retailer, opened its largest "camping tent" on Jan. 15 to serve as temporary retail space during the renovations of its flagship store.

The Freeport-based manufacturer and retailer plans to lay off between 50 and 75 employees, or between 2% to 3% of its Maine workforce.

The Retail Association of Maine award, presented annually since 1980, recognizes the Freeport retailer for its sales performance, work environment and community contributions.

After opening a retail store in Ulster County, N.Y., this May, the Freeport-based company is planning to open locations during the fall in Pennsylvania, Connecticut and Indiana.

The Freeport-based maker and seller of clothing, outdoor gear and home goods will reduce its call center hours down to one shift starting in mid-July.

After sales fell last year, the Freeport-based company has cut its performance bonus from 13.5% of annual pay to 9%.

Stephen Smith, president and CEO of the Freeport-based outdoor gear retailer, delivered the keynote at Thursday's all-day gathering in Portland.