Victoria’s Secret & Co. has appointed Hillary Super as its new CEO, succeeding Martin Waters, who was terminated and resigned from the board. Super, who will join the company on September 9, is currently the CEO of Savage X Fenty, Rihanna’s lingerie brand. Tim Johnson, the current chief financial and administrative officer, will serve as interim CEO until Super’s arrival.
Victoria’s Secret shares surged over 15% following the announcement, recovering from a 28% decline this year. The retailer has faced ongoing challenges, including declining demand, heightened competition, and allegations of workplace misconduct.
Super, with nearly 30 years of retail experience, previously led Anthropologie and joined Savage X Fenty in June 2023. Her compensation package includes a $1.2 million base salary, a $1 million signing bonus, and potential incentives totaling $2.1 million, plus equity awards worth approximately $13.5 million.
Victoria’s Secret reported preliminary second-quarter results showing a potential sales decline of up to 2%, better than previous forecasts. Adjusted earnings per share are also expected to exceed prior estimates.
