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Companies Victoria's Secret & Co.

Victoria's Secret (VSXY): executive pay, fiscal 2025

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CEO total pay$14,381,494CEO Hillary Super · source
Say-on-pay support82.88%Latest vote · source
CEO vs. named peers42nd pct.Of 16 peer CEOs
CEO pay ratio937:1To the median employee · source

CEO pay, last three years

  • $8,533,370FY2024
  • $14,381,494FY2025

CEO total pay was $14,381,494 in fiscal 2025, up from $8,533,370 in fiscal 2024.

FY2025: salary $1,222,846 · bonus $1,000,000 · stock awards $8,039,570 · option awards $0

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Executives and directors

Full detail

Every table from the filing. Open any section.

Summary compensation table
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.

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—
Equity grants and outstanding awards

No plan-based awards are on file for this fiscal year.

Outstanding equity awards at fiscal year-end 2025

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

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

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.

Peer group, and who names Victoria's Secret as a peer

Companies that benchmark against VSXY

3 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.

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.

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..

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.

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.

Say-on-pay history and pay ratio
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.

CEO pay ratio

Ratio (CEO : median employee)937 : 1
CEO total compensation$12,519,912
Median employee compensation$13,365
Insider trades since the proxy

No insider equity transactions reported since the proxy statement.

Sources (49 citations)

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.

  • Section 01, Hillary Super. DEF 14A, filed 2026-05-01. Section “Executive Compensation”. As printed: 14,381,494. View filing ↗
  • Section 01, Dein Boyle. DEF 14A, filed 2026-05-01. Section “Executive Compensation”. As printed: 5,928,951. View filing ↗
  • Section 01, Melinda McAfee. DEF 14A, filed 2026-05-01. Section “Executive Compensation”. As printed: 4,514,242. View filing ↗
  • Section 01, Scott Sekella. DEF 14A, filed 2026-05-01. Section “Executive Compensation”. As printed: 4,031,309. View filing ↗
  • Section 01, Elizabeth Preis. DEF 14A, filed 2026-05-01. Section “Executive Compensation”. As printed: 3,221,226. View filing ↗
  • Section 07, pay ratio. DEF 14A, filed 2023-04-14. Section “CEO Pay Ratio”. As printed: 937 : 1. View filing ↗
  • Section 08, Donna James. DEF 14A, filed 2025-04-28. Section “Director Compensation”. As printed: 428,800. View filing ↗
  • Section 08, Irene Chang Britt. DEF 14A, filed 2025-04-28. Section “Director Compensation”. As printed: 288,800. View filing ↗
  • Section 08, Sarah Davis. DEF 14A, filed 2025-04-28. Section “Director Compensation”. As printed: 288,800. View filing ↗
  • Section 08, Anne Sheehan. DEF 14A, filed 2025-04-28. Section “Director Compensation”. As printed: 283,800. View filing ↗
  • Section 08, Lauren Peters. DEF 14A, filed 2025-04-28. Section “Director Compensation”. As printed: 273,800. View filing ↗
  • Section 08, Jacqueline Hernández. DEF 14A, filed 2025-04-28. Section “Director Compensation”. As printed: 268,800. View filing ↗
  • Section 08, Rod Little. DEF 14A, filed 2025-04-28. Section “Director Compensation”. As printed: 248,800. View filing ↗
  • Section 08, Mariam Naficy. DEF 14A, filed 2025-04-28. Section “Director Compensation”. As printed: 243,800. View filing ↗
  • Section 08, Hillary Super. DEF 14A, filed 2025-04-28. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 06, 2026 vote. Form 8-K, filed 2026-06-15. Item 5.07 · say-on-pay result. As reported: 82.88% (votes for as printed: 54,394,913). View filing ↗
  • Section 06, 2025 vote. Form 8-K, filed 2025-06-23. Item 5.07 · say-on-pay result. As reported: 75.9% (votes for as printed: 46,549,043). View filing ↗
  • Section 06, 2024 vote. Form 8-K, filed 2024-06-14. Item 5.07 · say-on-pay result. As reported: 83% (votes for as printed: 48,667,832). View filing ↗
  • Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
  • Section 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.
  • Tapestry, Inc., Section 10b CEO total. DEF 14A, filed 2026-09-25. CEO total compensation as printed in Tapestry, Inc.'s own proxy. As printed: 33,986,485. View filing ↗
  • lululemon athletica inc., Section 10b CEO total. DEF 14A, filed 2026-05-18. CEO total compensation as printed in lululemon athletica inc.'s own proxy. As printed: 24,023,294. View filing ↗
  • Ralph Lauren Corporation, Section 10b CEO total. DEF 14A, filed 2026-06-18. CEO total compensation as printed in Ralph Lauren Corporation's own proxy. As printed: 23,264,269. View filing ↗
  • Ross Stores, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-07. CEO total compensation as printed in Ross Stores, Inc.'s own proxy. As printed: 17,406,705. View filing ↗
  • Gap, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-27. CEO total compensation as printed in Gap, Inc.'s own proxy. As printed: 17,185,636. View filing ↗
  • Burlington Stores, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-02. CEO total compensation as printed in Burlington Stores, Inc.'s own proxy. As printed: 17,149,564. View filing ↗
  • PVH Corp., Section 10b CEO total. DEF 14A, filed 2026-05-08. CEO total compensation as printed in PVH Corp.'s own proxy. As printed: 16,165,385. View filing ↗
  • Ulta Beauty, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-22. CEO total compensation as printed in Ulta Beauty, Inc.'s own proxy. As printed: 15,403,663. View filing ↗
  • Victoria's Secret & Co. (subject), Section 10b CEO total. DEF 14A, filed 2026-05-01. CEO total compensation as printed in Victoria's Secret & Co.'s own proxy. As printed: 14,381,494. View filing ↗
  • Abercrombie & Fitch Co., Section 10b CEO total. DEF 14A, filed 2026-04-20. CEO total compensation as printed in Abercrombie & Fitch Co.'s own proxy. As printed: 13,300,257. View filing ↗
  • American Eagle Outfitters, Inc., Section 10b CEO total. DEF 14A, filed 2026-05-15. CEO total compensation as printed in American Eagle Outfitters, Inc.'s own proxy. As printed: 12,662,838. View filing ↗
  • G-III Apparel Group, Ltd., Section 10b CEO total. DEF 14A, filed 2026-05-05. CEO total compensation as printed in G-III Apparel Group, Ltd.'s own proxy. As printed: 12,508,253. View filing ↗
  • Capri Holdings Limited, Section 10b CEO total. DEF 14A, filed 2026-06-16. CEO total compensation as printed in Capri Holdings Limited's own proxy. As printed: 11,909,990. View filing ↗
  • Under Armour, Inc., Section 10b CEO total. DEF 14A, filed 2026-07-15. CEO total compensation as printed in Under Armour, Inc.'s own proxy. As printed: 11,597,975. View filing ↗
  • Big Lots, Inc., Section 10b CEO total. DEF 14A, filed 2024-04-19. CEO total compensation as printed in Big Lots, Inc.'s own proxy. As printed: 7,755,707. View filing ↗
  • Urban Outfitters, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-01. CEO total compensation as printed in Urban Outfitters, Inc.'s own proxy. As printed: 1,042,012. View filing ↗
  • Section 10a, Gap, Inc. reciprocity. DEF 14A. Gap, Inc. names Victoria's Secret & Co. in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Ulta Beauty, Inc. reciprocity. DEF 14A. Ulta Beauty, Inc.'s most recent proxy was read; its disclosed peer group does not include Victoria's Secret & Co.. View filing ↗
  • Section 10a, Abercrombie & Fitch Co. reciprocity. DEF 14A. Abercrombie & Fitch Co.'s most recent proxy was read; its disclosed peer group does not include Victoria's Secret & Co.. View filing ↗
  • Section 10a, PVH Corp. reciprocity. DEF 14A. PVH Corp. names Victoria's Secret & Co. in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, G-III Apparel Group, Ltd. reciprocity. DEF 14A. G-III Apparel Group, Ltd.'s most recent proxy was read; its disclosed peer group does not include Victoria's Secret & Co.. View filing ↗
  • Section 10a, Under Armour, Inc. reciprocity. DEF 14A. Under Armour, Inc.'s most recent proxy was read; its disclosed peer group does not include Victoria's Secret & Co.. View filing ↗
  • Section 10a, American Eagle Outfitters, Inc. reciprocity. DEF 14A. American Eagle Outfitters, Inc.'s most recent proxy was read; its disclosed peer group does not include Victoria's Secret & Co.. View filing ↗
  • Section 10a, Urban Outfitters, Inc. reciprocity. DEF 14A. Urban Outfitters, Inc.'s most recent proxy was read; its disclosed peer group does not include Victoria's Secret & Co.. View filing ↗
  • Section 10a, Ross Stores, Inc. reciprocity. DEF 14A. Ross Stores, Inc.'s most recent proxy was read; its disclosed peer group does not include Victoria's Secret & Co.. View filing ↗
  • Section 10a, Tapestry, Inc. reciprocity. DEF 14A. Tapestry, Inc. names Victoria's Secret & Co. in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Ralph Lauren Corporation reciprocity. DEF 14A. Ralph Lauren Corporation's most recent proxy was read; its disclosed peer group does not include Victoria's Secret & Co.. View filing ↗
  • Section 10a, Burlington Stores, Inc. reciprocity. DEF 14A. Burlington Stores, Inc.'s most recent proxy was read; its disclosed peer group does not include Victoria's Secret & Co.. View filing ↗
  • Section 10a, Big Lots, Inc. reciprocity. DEF 14A. Big Lots, Inc.'s most recent proxy was read; its disclosed peer group does not include Victoria's Secret & Co.. View filing ↗
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