After graduating from the University of Pennsylvania's Wharton School of Business, Mr. Stevens in 1951 took a sales position with Pierce & Stevens Chemical Corp., a company founded by his father, Raymond D. Stevens Sr., and his uncle, Arthur L. Stevens. He was president and chairman of Pierce & Stevens when the company was acquired by Pratt & Lambert in 1968. He became chairman and CEO of Pratt & Lambert in 1971 and held the position until the company was acquired by The Sherwin-Williams Co. in 1996.

Mr. Stevens was a former member of the board of directors of the National Paint & Coatings Association, and also had been a board member of numerous business, church and community organizations. He was a World War II Navy veteran, and served on a PT boat in the Philippines. He was appointed by President Dwight D. Eisenhower as a regional adviser to the Small Business Administration. His leisure pursuits included aviation and sports cars, and he traveled widely in Europe following his retirement.

Mr. Stevens was preceded in death by his wife of more than 50 years, Aline, who died in 2001. He is survived by two sons, Raymond and Hunter; two daughters, Larkin and Courtney; and four grandchildren. A memorial service was held in Buffalo.