Lembas is a trading company founded by Adam of Ship in LY 885. The meetings which he held with his various business contacts were held in Triscot, which became the home of the new company's headquarters. That same year, Adam moved to Triscot, and in the years that followed, he would come to be known as "Adam of Triscot". Lembas was founded when Adam was only 24 years old, but by then he had already become one of the most successful traders in his village, having established trade routes of his own which took him to various other villages around The Land. Lembas was formed from his trade routes as well as those of several of his contacts, who became members of the board of directors. Adam himself became president of the company, in spite of being younger and less experienced, largely because the creation of the company had been his idea.
Adam was also the one who chose the name "Lembas," which is a word taken from a series of Terran novels called "The Lord of the Rings." It refers to a special kind of bread made by the elves of that series, though in common speech it is referred to as "waybread." It is particularly useful for long journeys, as it can stay fresh for months. Adam chose that as a name for his company, being a fan of the books, and because on his own long journeys between villages, he often wished he had such a bread. (He did have hardtack, which was presumably more similar to another food from the books, called "cram." However, lembas was surely better-tasting than the hardtack on which Adam- and many other traders and adventurers- depended, while between villages. Hardtack is also commonly used by sailors, so it was naturally well-known in his home village of Ship.)
Lembas does business in many of the Land's villages, and has continued to grow throughout its existence. It deals in many different products, obtained from people in many different villages. On a personal note, this includes some of the produce grown by the clan Adam married into in 887, the head of which was a farmer named Putt. Adam had done business with Putt for some time prior to founding Lembas, but when the company was founded, it became the sole distributor of Putt's produce. The company also distributes a steak sauce called Laina's '57 Sauce, which is made by Putt's wife (Adam's mother-in-law), Laina Lonewander. Lembas also distributes Adam's own brand of beers. It distributes candles, soaps, lamps & lamp oil produced by the clan of Chandler Tallow, one of the co-founders of the company. In fact, every member of the board of directors has his or her own clan which produces specific products which are distributed by the company. The company also has contracts to distribute a wide variety of products made by various people who don't work for the company.
Following the Battle of Triscot in 903, Adam and nearly his entire clan were believed to be dead. So, the board of directors of Lembas appointed Chandler as the new president. However, Adam was secretly alive and in hiding, a fact which was known to a few of his most trusted friends, including Chandler. When the truth was revealed to the world in 912, Chandler offered to step down as president, so that Adam could be reinstated, but Adam declined, believing it would be more important for him to enter politics. So Chandler remains the president.