Victoria's Secret & Co. (NYSE:VSCO) shares jumped Wednesday morning after the lingerie firm said it has appointed Hillary Super, formerly of Savage X Fenty, as its new CEO.
Super, who previously led Anthropologie and Savage X Fenty, succeeds Martin Waters.
Waters will stay on as an advisor until the end of September, while CFO Timothy Johnson will act as interim CEO.
Super will step into the role on September 9, according to the company.
The leadership change is part of Victoria’s Secret’s broader efforts to revive its struggling brand amid declining sales and increasing competition from rivals like Savage X Fenty.
Victoria’s Secret also announced better-than-expected preliminary second-quarter results, with adjusted operating income projected to be $57-$62 million, significantly higher than earlier estimates.
Shares of Victoria’s Secret were around 16.7% higher at midmorning Wednesday. The stock is down nearly 18% year to date.