Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-09-25

Victoria's Secret & Co. (VSXY)

CEO Hillary Super was paid $14,381,494 in fiscal year 2025, ↑ up 68.5% from fiscal year 2024, the 42nd percentile of its disclosed peer group (SEC filing 0001193125-26-201438 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$14,381,494 ↑
Hillary Super total, FY2025
42nd
CEO pay percentile vs peers
—
CEO-to-median pay ratio
82.88%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- Hillary Super (Chief Executive Officer), FY2025 total compensation $14,381,494 (base salary $1,222,846) [exec_comp, SEC accession 0001193125-26-201438, filed 2026-05-01]

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VSXY's next annual pay disclosure, estimated May 4, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Hillary Super$1,222,846$1,000,000$8,039,570$0$3,626,705$0$492,373$14,381,494
Chief Executive Officer
Dein Boyle869,09302,954,74602,005,688099,4245,928,951
Former Chief Operating Officer
Melinda McAfee771,15402,410,44901,308,975023,6644,514,242
Chief Human Resources and Legal Officer
Scott Sekella783,173100,0001,805,13601,342,68303174,031,309
Chief Financial and Operating Officer
Elizabeth Preis519,91801,503,3060979,2310218,7713,221,226
Chief Marketing and Customer Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Hillary Super$14,381,494$8,533,370—↑ +5,848,124
Dein Boyle5,928,9513,115,339—↑ +2,813,612
Melinda McAfee4,514,2423,971,9422,564,782↑ +542,300
Scott Sekella4,031,30922,502—↑ +4,008,807
Elizabeth Preis3,221,226———

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Companies that benchmark against VSXY
2 companies name VSXY as a compensation peer

Each company listed discloses VSXY in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named VSXY in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01b

Executives — the named officers

One page per officer: the same table above, read for one person at a time — his own figure and every fiscal year the register holds.

ExecutiveRoleFY2025 total
Dein BoyleCOO$5,928,951
Hillary SuperCEO$14,381,494
Melinda McAfeeExecutive$4,514,242
Scott SekellaCFO$4,031,309
Elizabeth PreisExecutive$3,221,226
01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Anne SheehanIndependent Director$283,800
David McCreightIndependent Director—
Donna JamesChair of the Board$428,800
Irene Chang BrittIndependent Director$288,800
Jacqueline HernándezIndependent Director$268,800
Lauren PetersIndependent Director$273,800
Mariam NaficyIndependent Director$243,800
Rod LittleIndependent Director$248,800
Sarah DavisIndependent Director$288,800
02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Melinda McAfeePSU141,691—$5,151,885
Melinda McAfeeRSU86,337—3,139,213
Hillary SuperRSU237,800—8,646,408
Dein BoyleRSU35,902—1,305,397
Dein BoylePSU56,276—2,046,196
05

Incentive-plan design — the Compensation Discussion & Analysis

The Company's compensation program is designed to attract and retain highly qualified executives, align executive pay with the long-term interests of stockholders, and reward performance against strategic and financial goals.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantSemler Brossy
Clawback policytrue
Anti-hedging—
Anti-pledging—
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-1154,394,91311,238,067170,76882.88%Passed
20252025-06-1846,549,04314,777,442581,49875.9%Passed
20242024-06-1348,667,8329,966,58659,66883%Passed
20232023-05-2550,419,9469,177,12384,21084.6%Passed
20222022-05-2770,854,622626,22476,77999.12%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-1182.88%a
20252025-06-1875.9%b
20242024-06-1383%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Donna JamesIndependent · Board Chair · Audit Committee · Nominating and Governance Committee$214,400$214,400———$428,800
Irene Chang BrittIndependent · Audit Committee · Human Capital and Compensation Committee (Chair)151,900136,900———288,800
Sarah DavisIndependent · Audit Committee (Chair) · Nominating and Governance Committee154,400134,400———288,800
Anne SheehanIndependent · Human Capital and Compensation Committee · Nominating and Governance Committee (Chair)149,400134,400———283,800
Lauren PetersIndependent · Audit Committee · Human Capital and Compensation Committee136,900136,900———273,800
Jacqueline HernándezIndependent · Human Capital and Compensation · Nominating/Governance134,400134,400———268,800
Rod LittleIndependent · Human Capital and Compensation Committee124,400124,400———248,800
Mariam NaficyIndependent · Nominating and Governance Committee121,900121,900———243,800
Hillary SuperEmployee director—————0
09

Board fee structure and ownership guideline

Annual cash retainer$111,900
Annual equity retainer$111,900
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)20,000 / 15,000 / 15,000
Stock ownership guideline$4
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,187,700
Equity awards (grant-date value)$1,137,700
All other compensation$0
Total cost of the board$2,325,400

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Victoria's Secret & Co. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Victoria's Secret & Co..

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Tapestry, Inc.2026Joanne Crevoiserat$1,440,385$23,906,536$2,750,223$5,800,000$33,986,485
2lululemon athletica inc.2025Calvin McDonald1,393,2697,800,00113,800,030994,79424,023,294
3Ralph Lauren Corporation2026Patrice Louvet1,350,00013,710,17908,100,00023,264,269
4Ross Stores, Inc.2025James Conroy1,450,00010,650,10004,233,13017,406,705
5Gap, Inc.2025Richard Dickson1,400,00010,891,24204,435,63817,185,636
6Burlington Stores, Inc.2025Michael O'Sullivan1,519,53510,842,76804,771,34117,149,564
7PVH Corp.2025Stefan Larsson1,450,00012,200,530—2,142,23016,165,385
8Ulta Beauty, Inc.2025Kecia Steelman1,350,0034,792,8774,792,5564,383,97215,403,663
9Victoria's Secret & Co.2025Hillary Super1,222,8468,039,57003,626,70514,381,494
10Abercrombie & Fitch Co.2025Fran Horowitz1,400,00010,456,90301,372,00013,300,257
11American Eagle Outfitters, Inc.2025Jay Schottenstein1,750,0006,650,0112,850,0011,071,87512,662,838
12G-III Apparel Group, Ltd.2026Morris Goldfarb1,386,9235,999,976—4,832,00012,508,253
13Capri Holdings Limited2026John Idol1,350,0004,999,99405,400,00011,909,990
14Under Armour, Inc.2026Kevin Plank903,4629,040,000510,0001,128,15011,597,975
15Big Lots, Inc.2023Bruce Thorn1,223,0775,019,80001,290,2407,755,707
16Urban Outfitters, Inc.2026Richard A. Hayne1001,000,0001,042,012
—Bath and Body Works, Inc.——————not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Victoria's Secret & Co.not disclosednot disclosednot disclosedSemler Brossy
Abercrombie & Fitch Co.49%PSU 50 · RSU 50Yes — Relative TSR vs. compensation peer groupSemler Brossy Consulting Group, LLC
American Eagle Outfitters, Inc.not disclosedPSU 50 · Option 30 · RSU 20not disclosedFW Cook
Bath and Body Works, Inc.not disclosednot disclosednot disclosednot disclosed
Big Lots, Inc.not disclosedPSU 33.33 · RSU 33.33 · SVCA 33.33not disclosedMeridian
Burlington Stores, Inc.157%PSU 65 · RSU 35NoMeridian Compensation Partners LLC
Capri Holdings Limited200%RSU 100not disclosedWillis Towers Watson (WTW)
G-III Apparel Group, Ltd.not disclosedPSU 60 · RSU 40not disclosedCompensation Advisory Partners (CAP)
Gap, Inc.158%PRSU 60 · RSU 40NoFrederic W. Cook & Co., Inc.
lululemon athletica inc.35.7%PSU 60 · RSU 20 · Options 20NoWTW (Willis Towers Watson)
PVH Corp.73.87%PSU 50 · RSU 50Yes — relative TSRFrederic W. Cook & Co. (FW Cook)
Ralph Lauren Corporation200%PSU 50 · RSU 50Yes — Relative TSRKorn Ferry
Ross Stores, Inc.145.97%not disclosedNoExequity, LLP
Tapestry, Inc.not disclosedPSU 50 · Options 25 · RSU 25Yes — Relative TSRFW Cook
Ulta Beauty, Inc.not disclosednot disclosednot disclosedPay Governance
Under Armour, Inc.60%RSU 100NoWillis Towers Watson
Urban Outfitters, Inc.100%PSU 50 · RSU 50NoKorn Ferry Hay Group

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at Victoria's Secret & Co. in fiscal 2025?
As disclosed, Hillary Super (Chief Executive Officer) was the highest-paid executive at Victoria's Secret & Co. in fiscal 2025, with total compensation of $14,381,494.
How does Victoria's Secret & Co.'s chief executive pay compare to its disclosed peer group?
As disclosed, Hillary Super's total compensation ranked at the 42nd percentile of Victoria's Secret & Co.'s disclosed peer group.
How did shareholders vote on Victoria's Secret & Co.'s executive compensation?
As disclosed, 82.88% of shareholders supported Victoria's Secret & Co.'s executive compensation in the latest say-on-pay vote.
How much does Victoria's Secret & Co. spend in total on board compensation for fiscal 2025?
As disclosed, Victoria's Secret & Co. reported total board compensation of $2,325,400 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Hillary SuperDEF 14A2026-05-010001193125-26-201438Section “Executive Compensation”. As printed: 14,381,494. View filing ↗
2Section 01, Dein BoyleDEF 14A2026-05-010001193125-26-201438Section “Executive Compensation”. As printed: 5,928,951. View filing ↗
3Section 01, Melinda McAfeeDEF 14A2026-05-010001193125-26-201438Section “Executive Compensation”. As printed: 4,514,242. View filing ↗
4Section 01, Scott SekellaDEF 14A2026-05-010001193125-26-201438Section “Executive Compensation”. As printed: 4,031,309. View filing ↗
5Section 01, Elizabeth PreisDEF 14A2026-05-010001193125-26-201438Section “Executive Compensation”. As printed: 3,221,226. View filing ↗
6Section 08, Donna JamesDEF 14A2025-04-280001193125-25-100634Section “Director Compensation”. As printed: 428,800. View filing ↗
7Section 08, Irene Chang BrittDEF 14A2025-04-280001193125-25-100634Section “Director Compensation”. As printed: 288,800. View filing ↗
8Section 08, Sarah DavisDEF 14A2025-04-280001193125-25-100634Section “Director Compensation”. As printed: 288,800. View filing ↗
9Section 08, Anne SheehanDEF 14A2025-04-280001193125-25-100634Section “Director Compensation”. As printed: 283,800. View filing ↗
10Section 08, Lauren PetersDEF 14A2025-04-280001193125-25-100634Section “Director Compensation”. As printed: 273,800. View filing ↗
11Section 08, Jacqueline HernándezDEF 14A2025-04-280001193125-25-100634Section “Director Compensation”. As printed: 268,800. View filing ↗
12Section 08, Rod LittleDEF 14A2025-04-280001193125-25-100634Section “Director Compensation”. As printed: 248,800. View filing ↗
13Section 08, Mariam NaficyDEF 14A2025-04-280001193125-25-100634Section “Director Compensation”. As printed: 243,800. View filing ↗
14Section 08, Hillary SuperDEF 14A2025-04-280001193125-25-100634Section “Director Compensation”. As printed: 0. View filing ↗
15Section 06, 2026 voteForm 8-K2026-06-150001856437-26-000015Item 5.07 · say-on-pay result. As reported: 82.88% (votes for as printed: 54,394,913). View filing ↗
16Section 06, 2025 voteForm 8-K2025-06-230001856437-25-000032Item 5.07 · say-on-pay result. As reported: 75.9% (votes for as printed: 46,549,043). View filing ↗
17Section 06, 2024 voteForm 8-K2024-06-140001856437-24-000018Item 5.07 · say-on-pay result. As reported: 83% (votes for as printed: 48,667,832). View filing ↗
18Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.
19Section 09b board cost (computed)Computed——Cash 1,187,700 + equity 1,137,700 + all other 0 = 2,325,400, summed across the director compensation table rows.
20Tapestry, Inc., Section 10b CEO totalDEF 14A2026-09-250001116132-26-000024CEO total compensation as printed in Tapestry, Inc.'s own proxy. As printed: 33,986,485. View filing ↗
21lululemon athletica inc., Section 10b CEO totalDEF 14A2026-05-180001213900-26-058095CEO total compensation as printed in lululemon athletica inc.'s own proxy. As printed: 24,023,294. View filing ↗
22Ralph Lauren Corporation, Section 10b CEO totalDEF 14A2026-06-180001140361-26-025788CEO total compensation as printed in Ralph Lauren Corporation's own proxy. As printed: 23,264,269. View filing ↗
23Ross Stores, Inc., Section 10b CEO totalDEF 14A2026-04-070000745732-26-000013CEO total compensation as printed in Ross Stores, Inc.'s own proxy. As printed: 17,406,705. View filing ↗
24Gap, Inc., Section 10b CEO totalDEF 14A2026-03-270001628280-26-021740CEO total compensation as printed in Gap, Inc.'s own proxy. As printed: 17,185,636. View filing ↗
25Burlington Stores, Inc., Section 10b CEO totalDEF 14A2026-04-020001193125-26-140144CEO total compensation as printed in Burlington Stores, Inc.'s own proxy. As printed: 17,149,564. View filing ↗
26PVH Corp., Section 10b CEO totalDEF 14A2026-05-080001213900-26-053710CEO total compensation as printed in PVH Corp.'s own proxy. As printed: 16,165,385. View filing ↗
27Ulta Beauty, Inc., Section 10b CEO totalDEF 14A2026-04-220001104659-26-046308CEO total compensation as printed in Ulta Beauty, Inc.'s own proxy. As printed: 15,403,663. View filing ↗
28Victoria's Secret & Co. (subject), Section 10b CEO totalDEF 14A2026-05-010001193125-26-201438CEO total compensation as printed in Victoria's Secret & Co.'s own proxy. As printed: 14,381,494. View filing ↗
29Abercrombie & Fitch Co., Section 10b CEO totalDEF 14A2026-04-200001018840-26-000022CEO total compensation as printed in Abercrombie & Fitch Co.'s own proxy. As printed: 13,300,257. View filing ↗
30American Eagle Outfitters, Inc., Section 10b CEO totalDEF 14A2026-05-150001193125-26-227158CEO total compensation as printed in American Eagle Outfitters, Inc.'s own proxy. As printed: 12,662,838. View filing ↗
31G-III Apparel Group, Ltd., Section 10b CEO totalDEF 14A2026-05-050001104659-26-055621CEO total compensation as printed in G-III Apparel Group, Ltd.'s own proxy. As printed: 12,508,253. View filing ↗
32Capri Holdings Limited, Section 10b CEO totalDEF 14A2026-06-160001530721-26-000063CEO total compensation as printed in Capri Holdings Limited's own proxy. As printed: 11,909,990. View filing ↗
33Under Armour, Inc., Section 10b CEO totalDEF 14A2026-07-150001336917-26-000102CEO total compensation as printed in Under Armour, Inc.'s own proxy. As printed: 11,597,975. View filing ↗
34Big Lots, Inc., Section 10b CEO totalDEF 14A2024-04-190001104659-24-049441CEO total compensation as printed in Big Lots, Inc.'s own proxy. As printed: 7,755,707. View filing ↗
35Urban Outfitters, Inc., Section 10b CEO totalDEF 14A2026-04-010001193125-26-137990CEO total compensation as printed in Urban Outfitters, Inc.'s own proxy. As printed: 1,042,012. View filing ↗
36Section 10a, Gap, Inc. reciprocityDEF 14A—0001628280-26-021740Gap, Inc. names Victoria's Secret & Co. in its own disclosed peer group (read from its most recent proxy). View filing ↗
37Section 10a, Ulta Beauty, Inc. reciprocityDEF 14A—0001104659-26-046308Ulta Beauty, Inc.'s most recent proxy was read; its disclosed peer group does not include Victoria's Secret & Co.. View filing ↗
38Section 10a, Abercrombie & Fitch Co. reciprocityDEF 14A—0001018840-26-000022Abercrombie & Fitch Co.'s most recent proxy was read; its disclosed peer group does not include Victoria's Secret & Co.. View filing ↗
39Section 10a, PVH Corp. reciprocityDEF 14A—0001213900-26-053710PVH Corp. names Victoria's Secret & Co. in its own disclosed peer group (read from its most recent proxy). View filing ↗
40Section 10a, G-III Apparel Group, Ltd. reciprocityDEF 14A—0001104659-26-055621G-III Apparel Group, Ltd.'s most recent proxy was read; its disclosed peer group does not include Victoria's Secret & Co.. View filing ↗
41Section 10a, Under Armour, Inc. reciprocityDEF 14A—0001336917-26-000102Under Armour, Inc.'s most recent proxy was read; its disclosed peer group does not include Victoria's Secret & Co.. View filing ↗
42Section 10a, American Eagle Outfitters, Inc. reciprocityDEF 14A—0001193125-26-227158American Eagle Outfitters, Inc.'s most recent proxy was read; its disclosed peer group does not include Victoria's Secret & Co.. View filing ↗
43Section 10a, Urban Outfitters, Inc. reciprocityDEF 14A—0001193125-25-070459Urban Outfitters, Inc.'s most recent proxy was read; its disclosed peer group does not include Victoria's Secret & Co.. View filing ↗
44Section 10a, Ross Stores, Inc. reciprocityDEF 14A—0000745732-26-000013Ross Stores, Inc.'s most recent proxy was read; its disclosed peer group does not include Victoria's Secret & Co.. View filing ↗
45Section 10a, Tapestry, Inc. reciprocityDEF 14A—0001116132-26-000024Tapestry, Inc. names Victoria's Secret & Co. in its own disclosed peer group (read from its most recent proxy). View filing ↗
46Section 10a, Ralph Lauren Corporation reciprocityDEF 14A—0001140361-26-025788Ralph Lauren Corporation's most recent proxy was read; its disclosed peer group does not include Victoria's Secret & Co.. View filing ↗
47Section 10a, Burlington Stores, Inc. reciprocityDEF 14A—0001193125-26-140144Burlington Stores, Inc.'s most recent proxy was read; its disclosed peer group does not include Victoria's Secret & Co.. View filing ↗
48Section 10a, Big Lots, Inc. reciprocityDEF 14A—0001104659-24-049441Big Lots, Inc.'s most recent proxy was read; its disclosed peer group does not include Victoria's Secret & Co.. View filing ↗