L.L.Bean’s chief executive officer will step down early next year.

Stephen Smith, who has served as CEO since 2016, said leading the company “has been one of the greatest privileges of my life.”

“I’ve been fortunate to work alongside incredible people who care deeply about this company, our customers and each other,” Smith said in the company’s announcement Monday. “Together, we’ve navigated change, celebrated success and stayed true to what makes L.L.Bean special.”

Smith was L.L.Bean’s first CEO chosen from outside the company, with all of his predecessors having previous experience with the outdoor clothing and equipment retailer before stepping into the role. Monday’s announcement credits him with championing a culture of transparency and collaboration, as well as modernizing operations. He was also praised for helping the retailer navigate the COVID-19 pandemic, during which time the company saw a 5% revenue growth, the highest at L.L.Bean since 2011.

In 2021, Smith credited the company’s workers, stating, “they were resilient, resourceful (and) innovative. We took care of them from a safety perspective, and they took care of our customers.”

More recently, Smith has overseen the ongoing $50 million overhaul of L.L.Bean’s flagship store in Freeport.

“Steve’s leadership has shaped L.L.Bean in ways that will endure well beyond his tenure,” Shawn Gorman, chair of the company’s board of directors, said in the announcement. “His thoughtful decision making and deep care for this company, its history and its people have made us stronger and more connected. … Thanks to his leadership, we’re well positioned for what’s next.”

Smith declined an interview request on Monday.

Smith began his career with a New York City advertising firm in 1992 before moving to Maine in 1997 to become the vice president of sales and marketing for Resort Sports Network.

In 2002, he began a nine-year tenure at Hannaford’s parent company, Delhaize. He joined Walmart International as the senior vice president and general manager of Sam’s Club, then became chief marketing officer for Walmart China. He continued working his way up at Walmart before being hired by L.L.Bean in 2016.

When he joined one of Maine’s most iconic companies, he described it as “a perfect match” and said he was looking forward to returning to Maine “where my family has deep ties and where we can embrace our love of the outdoors.”

A search for Smith’s successor is underway. He will continue to serve until a successor transitions in early next year.

“Coming into a decade of leadership here marks a natural milestone and transition point for me personally, and for the organization,” Smith said. “I’m excited for the next leader who will carry this work forward and shape the next generation of leadership at L.L.Bean.”