L.L.Bean's CEO to Step Down in 2016

The first nonfamily member to lead L.L.Bean says he's planning to step down in 2016 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 multichannel 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.