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It looks like Starbucks SBUX+0.03% and Chipotle CMG+1.16% may have kicked off a new season of CEO swap.
The stock price of Victoria’s Secret VSCO+2.59% surged on Wednesday after the company announced that it nabbed the CEO of its competitor Savage X Fenty, Hillary Super, to be its next chief executive. Victoria’s Secret shares were up by over 13% on the news.
Ex-CEO Martin Waters will stay on as an advisor to Victoria’s Secret until Aug. 31, while CFO Timothy Johnson will act as interim CEO until Super’s appointment on Sept. 9.
Super has nearly three decades of experience with major brands like American Eagle Outfitters AEO+1.76%, Guess GES+1.53%, and Gap (GPS). In 2023, after Rihanna, the pop star and billionaire founder of Fenty, stepped down from Savage, Super became CEO of the company. She previously served as the Global CEO of Anthropologie Group.
In a statement on Wednesday, Donna James, chair of Victoria’s Secret’s board, said that the company is impressed with Super’s merchant leadership skills and creativity.
“She understands vertically integrated retail brands and has an intuitive understanding of the consumer landscape, informed by customer insights which are critical for consistently delivering in this industry and its ever-accelerating fashion and economic cycles,” James added.
Separately, the lingerie retailer announced that is raising its second-quarter adjusted earnings estimate. It is anticipating second-quarter adjusted earnings of 34 to 39 cents per share, surpassing analysts’ estimates of 16 cents per share. On Aug. 29, the company will provide more details on the second-quarter results and expectations for the remainder of 2024.