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Victoria’s Secret & Co. (NYSE:VSCO) announced the elimination of its Chief Operating Officer position, effective Tuesday, according to a statement based on a Securities and Exchange Commission filing. As a result, Dein Boyle has departed from his role as Chief Operating Officer. The company stated that Boyle is expected to remain in a non-executive capacity through December 31, 2025, to support the transition.
The filing notes that Boyle’s termination is classified as a termination without cause under his existing Executive Severance Agreement, dated June 28, 2021. Boyle will be eligible for severance benefits as outlined in his agreement, contingent upon his execution of a full release of claims. He will also remain subject to confidentiality, non-solicitation, and non-competition provisions after his departure from the executive position.
In conjunction with the restructuring, Scott Sekella, the company’s Chief Financial Officer, has been promoted to Chief Financial and Operating Officer and will assume additional responsibilities. The Human Capital and Compensation Committee of the Board of Directors approved an increase in Sekella’s annual base salary to $825,000, effective August 24, 2025. Sekella will also receive a one-time long-term incentive award in the form of restricted stock units valued at $250,000. The award will vest over three years, with 30% vesting on each of the first and second anniversaries of the grant date and 40% vesting on the third anniversary.
Victoria’s Secret & Co. is listed on the New York Stock Exchange under the symbol VSCO. All information is based on a press release statement included in the company’s recent SEC filing.
In other recent news, Victoria’s Secret & Co. reported its first-quarter 2025 financial results, exceeding earnings expectations with an earnings per share (EPS) of $0.09, compared to the forecasted $0.0217. The company’s revenue reached $1.35 billion, slightly surpassing the anticipated $1.32 billion. Despite the positive financial performance, analysts have mixed views on the company’s future. TD Cowen lowered its price target for Victoria’s Secret to $22.00, citing margin pressure, while maintaining a Hold rating. BofA Securities also reduced its price target to $18.00, expressing concerns about consistent sales growth and margin expansion, and maintained an Underperform rating. Conversely, UBS maintained a Neutral rating with a $24.00 price target, noting early signs of management’s successful turnaround efforts. Additionally, during Victoria’s Secret’s 2025 annual stockholders meeting, all ten director nominees were elected, and executive pay was approved. These developments reflect ongoing efforts and challenges for the company as it navigates the current market environment.
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