L.L. Bean will need to find their next leader before their current one steps down in two years.
According to the Associated Press, Chris McCormick will be leaving his post in 2016.
McCormick notified other company employees of his plan sthrough a memo, so the executives could have enough time to facilitate a smooth CEO changeover.
McCormick told employees in the memo that the company beat financial odds under his direction.
''In this time together, we weathered the dramatic business impacts following the tragic events associated with 9/11," McCormick said in the document, according to AP. "We also managed our way through, and even prospered (though with some sacrifices) during the deepest recession in more than half a century. The company has grown, and is financially strong and debt-free.''
McCormick first launched the brand L.L. Bean 31 years ago. He has been the company's president and CEO for 13 of those years.
The company has consistently grown over the last four years, tallying $1.5 billion in sales in 2013.
McCormick told employees in March the outdoor equipment company was ready to move forward with their growth after previously attacking expansion plans with precaution.
"L.L. Bean has been conservative for the past years and is now ready to accelerate our growth plans and grab market share,'' McCormick told employees in March. "That plan includes pumping an additional $100 million into its website, retail expansion and business systems."
One shopper from Denver told AP she likes the forever lasting atmosphere, customer service and durability in the company's official store compared to other major retailers.
''It is more expensive but I don't care. I don't like what I see at Macy's, the Gap, or Old Navy,'" June Strohmeyer said. "Those are for younger people. That's not me.''
L.L. Bean's famed hunting shoe has seen continuously steady sales in the recent past, and the company plans to continue employing more workers at its Maine production plant.
