On Wednesday, America’s largest seller of lingerie announced it had hired Hillary Super—the CEO of Savage X Fenty, the singer-songwriter’s body-positive lingerie brand—to be its new CEO, effective Sept. 9. According to her employment agreement, Super’s compensation package could exceed $18 million. She will receive a base salary of $1.2 million on top of a $1 million signing bonus, and she’s eligible for an annual cash bonus that could range as high as $2.1 million to $2.4 million.

The bulk of the compensation comes in the form of equity, as is customary for most public company CEOs. Super, also formerly the global CEO of bohemian-inspired retail fashion brand Anthropologie, will receive a one-time stock award valued at $5.75 million that will fully vest in three years. In 2025, she’ll receive an annual equity grant valued at $7.7 million. That brings her target annual pay to approximately $11 million, a Victoria’s Secret spokesperson confirmed. With the stock grant, Super’s offer to lead the lingerie, clothing, and beauty retailer is nearly $18 million. She will also get the chance to sometimes work remotely, though a Victoria’s Secret spokesperson disputed the characterization.

Super is required to relocate from the Los Angeles area to New York for the role, per the agreement. She’ll also need to frequently travel to Columbus, Ohio, with the company, including its primary corporate offices, based in nearby Reynoldsburg.

“[Victoria’s Secret] welcomes Hillary as our new CEO to power the business’s next chapter and deliver the foremost tenet of our transformation strategy: accelerating growth in our core business in North America,” chairwoman Donna James said in a press release Wednesday. “We are particularly impressed with her merchant leadership capabilities paired with an operator’s discipline and bias for driving value creation.”

Super’s lawyer did not immediately respond to requests for comment.

A new era for Victoria’s Secret  

Super replaces Martin Waters, who has led Victoria’s Secret since it was spun off from its former parent company, L Brands, in 2021. That move came a year after private equity firm Sycamore Partners sued to get out of a $525 million sale during the coronavirus pandemic.

Under Waters, the company has tried to reinvent itself as consumers increasingly prioritize comfort over sex appeal and demand more options for different body types. The transition hasn’t been easy.

Shortly after the Victoria’s Secret IPO in August 2021, the stock hit an all-time high of $74.77. Amidst flagging sales in North America and declining revenue, however, shares then sunk almost 75% during the rest of Waters’ tenure as the company shed over $5.3 billion in market cap. The current market cap is nearly $2 billion.

Nonetheless, Waters could receive a substantial financial windfall on the way out. Victoria’s Secret said Waters, who is staying with the company in an advisory role until the end of August, is entitled to the severance benefits provided under his employment agreement.

According to the company’s latest proxy statement, that package is valued at roughly $11 million, including $6.3 million in previously unvested stock awards. A Victoria Secret’s spokesperson clarified that number is based on targets, not actual performance.

Waters did not receive a performance bonus in 2023, according to the proxy statement. His annual compensation was valued at $10.9 million, compared to $12.5 million and $12.9 million in the previous two years, respectively.

On Wednesday, James thanked Waters, previously a longtime executive at L Brands, for his contributions to Victoria’s Secret.

“He has established a foundation for [Victoria’s Secret] to enter its next chapter, building an inclusive culture, growing our digital platform capabilities, enhancing the customer experience online and in stores, repositioning our international business for growth, and successfully executing our multiyear separation from our former parent company,” she said in the press release.

Super enters the role as the company experiences financial momentum. While announcing her appointment, the company also released encouraging preliminary results for second-quarter earnings.

The company said operating income should fall within the $57–$62 million range, up from $30–$45 million in previous guidance. Diluted earnings per share is expected to be between $0.34–$0.39, compared to the previous forecast of $0.05–$0.20.

Shares jumped 16% Wednesday on news of Super’s hire and those results, rising another 10% on Thursday. The stock held relatively steady as of midday Friday, trading above the $24 mark.