Martin Waters, chief executive officer of Victoria’s Secret & Co., saw his total pay slip 3 percent to $12.5 million last year, according to a regulatory filing by the company.
The vast majority of that take came in stock awards that vest over time and were valued at $9.5 million, an approach that ties Waters’ compensation to the fortunes of stockholders.
Waters — who has been transforming the company, revamping its brand image and integrating the $400 million-plus Adore Me acquisition — received a $1.3 million salary as well as $1.8 million in total incentive and bonus pay.
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Public companies detail executive compensation in their annual proxy statements filed with the Securities and Exchange Commission. The filing is designed to give shareholders information ahead of the firm’s annual meeting, which will be held this year on May 25.
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A letter from Waters and the Victoria’s Secret chair Donna James said the company was two years into a five-year turnaround.
“In 2022, we declared our goal to be the world’s leading fashion retailer of intimate apparel and defined the three pillars of our strategy to achieve that goal: strengthen the core, ignite growth [and] transform the foundation,” the duo wrote. “We are listening to our customers and revolutionizing and diversifying their experience from the sizes and products they can buy, to the way they shop in our stores and online, the talent they see us champion and the brand content they interact with on our channels.”
To prompt additional growth, the company bought Adore Me, invested in Frankies Bikinis and also formed a partnership with size-inclusive brand Elomi last year.
More of the same is on Victoria’s Secret to-do list.
James and Waters said they planned to continue “adding new brands to our portfolio through strategic investments and building a market collection to complement and enhance the Victoria’s Secret and Pink assortments, enhance our customer and category reach and access new capabilities.”