Victoria's Secret Hires Rihanna's Savage X Fenty CEO With $18M Pay Package – And She Gets To Work From Home

Victoria’s Secret just poached the CEO of Rihanna’s Savage X Fenty, Hillary Super, in a deal that could see her earn over $18 million. The deal, announced recently, shook the business world, fueling curiosity about what this could mean for both companies.

A company statement said Hillary Super would assume the role of Chief Executive Officer on September 9. Details of the compensation package disclosed that the base salary could go up to $1.2 million, with a ‘sign-on bonus’ of $1 million and an annual cash bonus as high as $2.4 million. Equity is a big part of Super’s remuneration. 

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She will be given a one-off share award of $5.75 million, which she must wait three years to fully vest. Around 2025, another annual equity grant, estimated at around $7.7 million, will be given to Super, pushing her potential earnings to approximately $18 million.

“Victoria’s Secret is thrilled to have Hillary power the business’s next chapter as our new CEO,” Donna James, Chairwoman of Victoria’s Secret, said in a release. She noted that among the many strengths Super brought were merchant leadership and operational discipline – critical components the company feels will boost growth. The market responded positively, with Victoria’s Secret shares surging 16%.

Super is no stranger to the retail world. She most recently served as the global CEO of Anthropologie, a brand known for its bohemian-inspired fashion. She also ran Rihanna’s body-positive lingerie line, Savage X Fenty, which has been on everyone’s lips. In her new role at Victoria’s Secret, she must move from Los Angeles to New York and frequently travel to Columbus, Ohio, where the company is based.

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With Martin Waters’ exit, who has been running the brand since Victoria’s Secret became independent in 2021, Super steps into a role marked by significant challenges and opportunities. Under Waters’ tenure, Victoria’s Secret struggled with declining sales and a sharp drop in stock value to nearly 75% from its all-time high. However, the company is showing signs of financial recovery, with preliminary second-quarter earnings generally expected to come in stronger than anticipated.

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Victoria’s Secret projects an operating income of $57 million to $62 million, significantly increased compared to earlier estimates. It also expects earnings per share between $0.34 and $0.39, well above the previous estimate. Such upbeat results strengthened investor confidence, reflected by the recent rise in stock prices.

Martin Waters will remain with the company in an advisory capacity through the end of August. His departure package is valued at around $11 million, including unvested stock awards, though a spokeswoman for the company said those numbers are targets rather than actual performance. Despite these challenges, Donna James expressed gratitude for what Waters brought, saying, “He has established a foundation for Victoria’s Secret to enter its next chapter.”

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