L.L.Bean has promoted a longtime employee to be the next president and chief executive officer of the 114-year-old retail company based in Freeport.

Greg Elder, who began working for L.L.Bean in 2007, will transition into the new roles in late February, the iconic Maine retailer announced Friday. Elder served most recently as chief retail officer, overseeing 107 stores across the U.S., Canada and Japan, as well as wholesale, international and direct-to-business operations.

Outgoing CEO Stephen Smith, who led the company for 10 years, will remain in an advisory capacity through March. Smith and Elder have worked closely together during the past decade, when Elder also held positions as vice president of stores and vice president of retail .

The company said it conducted a comprehensive internal and external search to identify the right leader to oversee the outdoor lifestyle brand with over 5,000 employees worldwide, according to an emailed statement.

“We were deliberate in finding a leader who will continue to honor our brand heritage while positioning us for the next era of growth,” said Shawn Gorman, board chairman and great-grandson of founder Leon Leonwood Bean. “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.” 

Elder, who previously held posts at Eddie Bauer and Dayton Hudson Corp. (now Target), said working for L.L.Bean for nearly 20 years has transformed him as a person.

“This brand has shaped who I am,” Elder said, “not just as a leader, but as someone who deeply believes in the power of the outdoors to bring people together.”