LL Bean has named Greg Elder as its next president and CEO, making him the fifth person to lead the company in its 114-year history. 

Elder, currently the chief retail officer, will assume the role during the first quarter. He succeeds Stephen Smith, who stepped down from the role last year, who will remain with the company as an advisor through March.

Before spending nearly 20 years at LL Bean working in the company’s store and wholesale operations, international markets, and direct-to-business segments, Elder held VP positions across the company’s retail and store operations.

“Greg rose to the top because of his deep respect for our history, incredible knowledge of our business, strong track record of results and clear vision for the future,” said Shawn Gorman, chairman of LL Bean.

According to RetailWire, Elder’s leadership will be guided by an “evolve and amplify” approach, with a focus on expanding product variety and strengthening customer connections.

Given his role overseeing the business operations, Elder, who worked at Eddie Bauer and Dayton Hudson Corporation (now Target), has direct experience with both physical and digital stores.

In addition to his role at LL Bean, Elder serves on the board of the Retail Industry Leaders Association. He formerly sat on the boards of the New England Nordic Skiing Association and Wayside Food Programs.