Companies Victoria's Secret & Co.
Victoria's Secret (VSXY): executive pay, fiscal 2025
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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 officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| 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 Boyle | 869,093 | 0 | 2,954,746 | 0 | 2,005,688 | 0 | 99,424 | 5,928,951 |
| Former Chief Operating Officer | ||||||||
| Melinda McAfee | 771,154 | 0 | 2,410,449 | 0 | 1,308,975 | 0 | 23,664 | 4,514,242 |
| Chief Human Resources and Legal Officer | ||||||||
| Scott Sekella | 783,173 | 100,000 | 1,805,136 | 0 | 1,342,683 | 0 | 317 | 4,031,309 |
| Chief Financial and Operating Officer | ||||||||
| Elizabeth Preis | 519,918 | 0 | 1,503,306 | 0 | 979,231 | 0 | 218,771 | 3,221,226 |
| 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 officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Hillary Super | $14,381,494 | $8,533,370 | — | ↑ +5,848,124 |
| Dein Boyle | 5,928,951 | 3,115,339 | — | ↑ +2,813,612 |
| Melinda McAfee | 4,514,242 | 3,971,942 | 2,564,782 | ↑ +542,300 |
| Scott Sekella | 4,031,309 | 22,502 | — | ↑ +4,008,807 |
| Elizabeth Preis | 3,221,226 | — | — | — |
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 consultant | Semler Brossy |
| Clawback policy | true |
| 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
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Dein Boyle | RSU | 35,902 | — | $1,305,397 |
| Dein Boyle | PSU | 56,276 | — | 2,046,196 |
| Melinda McAfee | RSU | 86,337 | — | 3,139,213 |
| Melinda McAfee | PSU | 141,691 | — | 5,151,885 |
| Hillary Super | RSU | 237,800 | — | 8,646,408 |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| 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) | 151,900 | 136,900 | — | — | — | 288,800 |
| Sarah DavisIndependent · Audit Committee (Chair) · Nominating and Governance Committee | 154,400 | 134,400 | — | — | — | 288,800 |
| Anne SheehanIndependent · Human Capital and Compensation Committee · Nominating and Governance Committee (Chair) | 149,400 | 134,400 | — | — | — | 283,800 |
| Lauren PetersIndependent · Audit Committee · Human Capital and Compensation Committee | 136,900 | 136,900 | — | — | — | 273,800 |
| Jacqueline HernándezIndependent · Human Capital and Compensation · Nominating/Governance | 134,400 | 134,400 | — | — | — | 268,800 |
| Rod LittleIndependent · Human Capital and Compensation Committee | 124,400 | 124,400 | — | — | — | 248,800 |
| Mariam NaficyIndependent · Nominating and Governance Committee | 121,900 | 121,900 | — | — | — | 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
| Component | FY2025 |
|---|---|
| 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
- GAP INCGAPFY2025
- PVH CORP. /DE/PVHFY2025
- TAPESTRY, INC.TPRFY2026
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.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Tapestry, Inc. | 2026 | Joanne Crevoiserat | $1,440,385 | $23,906,536 | $2,750,223 | $5,800,000 | $33,986,485 |
| 2 | lululemon athletica inc. | 2025 | Calvin McDonald | 1,393,269 | 7,800,001 | 13,800,030 | 994,794 | 24,023,294 |
| 3 | Ralph Lauren Corporation | 2026 | Patrice Louvet | 1,350,000 | 13,710,179 | 0 | 8,100,000 | 23,264,269 |
| 4 | Ross Stores, Inc. | 2025 | James Conroy | 1,450,000 | 10,650,100 | 0 | 4,233,130 | 17,406,705 |
| 5 | Gap, Inc. | 2025 | Richard Dickson | 1,400,000 | 10,891,242 | 0 | 4,435,638 | 17,185,636 |
| 6 | Burlington Stores, Inc. | 2025 | Michael O'Sullivan | 1,519,535 | 10,842,768 | 0 | 4,771,341 | 17,149,564 |
| 7 | PVH Corp. | 2025 | Stefan Larsson | 1,450,000 | 12,200,530 | — | 2,142,230 | 16,165,385 |
| 8 | Ulta Beauty, Inc. | 2025 | Kecia Steelman | 1,350,003 | 4,792,877 | 4,792,556 | 4,383,972 | 15,403,663 |
| 9 | Victoria's Secret & Co. | 2025 | Hillary Super | 1,222,846 | 8,039,570 | 0 | 3,626,705 | 14,381,494 |
| 10 | Abercrombie & Fitch Co. | 2025 | Fran Horowitz | 1,400,000 | 10,456,903 | 0 | 1,372,000 | 13,300,257 |
| 11 | American Eagle Outfitters, Inc. | 2025 | Jay Schottenstein | 1,750,000 | 6,650,011 | 2,850,001 | 1,071,875 | 12,662,838 |
| 12 | G-III Apparel Group, Ltd. | 2026 | Morris Goldfarb | 1,386,923 | 5,999,976 | — | 4,832,000 | 12,508,253 |
| 13 | Capri Holdings Limited | 2026 | John Idol | 1,350,000 | 4,999,994 | 0 | 5,400,000 | 11,909,990 |
| 14 | Under Armour, Inc. | 2026 | Kevin Plank | 903,462 | 9,040,000 | 510,000 | 1,128,150 | 11,597,975 |
| 15 | Big Lots, Inc. | 2023 | Bruce Thorn | 1,223,077 | 5,019,800 | 0 | 1,290,240 | 7,755,707 |
| 16 | Urban Outfitters, Inc. | 2026 | Richard A. Hayne | 1 | 0 | 0 | 1,000,000 | 1,042,012 |
| — | 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
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| Victoria's Secret & Co. | not disclosed | not disclosed | not disclosed | Semler Brossy |
| Abercrombie & Fitch Co. | 49% | PSU 50 · RSU 50 | Yes — Relative TSR vs. compensation peer group | Semler Brossy Consulting Group, LLC |
| American Eagle Outfitters, Inc. | not disclosed | PSU 50 · Option 30 · RSU 20 | not disclosed | FW Cook |
| Bath and Body Works, Inc. | not disclosed | not disclosed | not disclosed | not disclosed |
| Big Lots, Inc. | not disclosed | PSU 33.33 · RSU 33.33 · SVCA 33.33 | not disclosed | Meridian |
| Burlington Stores, Inc. | 157% | PSU 65 · RSU 35 | No | Meridian Compensation Partners LLC |
| Capri Holdings Limited | 200% | RSU 100 | not disclosed | Willis Towers Watson (WTW) |
| G-III Apparel Group, Ltd. | not disclosed | PSU 60 · RSU 40 | not disclosed | Compensation Advisory Partners (CAP) |
| Gap, Inc. | 158% | PRSU 60 · RSU 40 | No | Frederic W. Cook & Co., Inc. |
| lululemon athletica inc. | 35.7% | PSU 60 · RSU 20 · Options 20 | No | WTW (Willis Towers Watson) |
| PVH Corp. | 73.87% | PSU 50 · RSU 50 | Yes — relative TSR | Frederic W. Cook & Co. (FW Cook) |
| Ralph Lauren Corporation | 200% | PSU 50 · RSU 50 | Yes — Relative TSR | Korn Ferry |
| Ross Stores, Inc. | 145.97% | not disclosed | No | Exequity, LLP |
| Tapestry, Inc. | not disclosed | PSU 50 · Options 25 · RSU 25 | Yes — Relative TSR | FW Cook |
| Ulta Beauty, Inc. | not disclosed | not disclosed | not disclosed | Pay Governance |
| Under Armour, Inc. | 60% | RSU 100 | No | Willis Towers Watson |
| Urban Outfitters, Inc. | 100% | PSU 50 · RSU 50 | No | Korn 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 year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-06-11 | 54,394,913 | 11,238,067 | 170,768 | 82.88% | Passed |
| 2025 | 2025-06-18 | 46,549,043 | 14,777,442 | 581,498 | 75.9% | Passed |
| 2024 | 2024-06-13 | 48,667,832 | 9,966,586 | 59,668 | 83% | Passed |
| 2023 | 2023-05-25 | 50,419,946 | 9,177,123 | 84,210 | 84.6% | Passed |
| 2022 | 2022-05-27 | 70,854,622 | 626,224 | 76,779 | 99.12% | 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 year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2026 | 2026-06-11 | 82.88%a |
| 2025 | 2025-06-18 | 75.9%b |
| 2024 | 2024-06-13 | 83%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 ↗