L.L.Bean named veteran executive Greg Elder as its new CEO, effective late February, succeeding Stephen Smith.

L.L.Bean has named Greg Elder, a 2007 veteran and former chief retail officer, as its new CEO, effective late February, succeeding Stephen Smith, who will remain an adviser through March. Elder, who led U.S., Canadian, and Japanese stores, wholesale, and international operations, was chosen after an internal and external search emphasizing heritage and growth. He previously held leadership roles at Eddie Bauer and Target. The appointment coincides with a $50 million renovation of the Freeport flagship store.