Savage X Fenty is bringing on a new CEO. Rihanna is stepping down as the CEO of the lingerie brand she co-owns with LVMH, effective June 26, Vogue Business reports.

"It's been beautiful to see our vision for Savage X Fenty impact the industry at such an incredible magnitude over the last five years," Rihanna, who founded the line in 2018, tells the outlet.

"This is just the beginning for us, and we're going to continue to expand in ways that always connect with the consumer."

While Rihanna will still serve as an executive chair for the company, Hillary Super, former CEO of Anthropologie Group, is taking over as CEO, the outlet reports.

"I'm so grateful and excited to welcome Hillary Super as our new CEO," Rihanna adds. "She is a strong leader and is focused on taking the business to an even higher level."

Meanwhile, Super tells the outlet that she's "thrilled to join the Savage X Fenty family."

"The brand is a major powerhouse in the lingerie and apparel industry," she adds, "and its unwavering commitment to celebrating inclusivity and fearlessness is inspiring."

Earlier this month, Rihanna ranked No. 20 on Forbes' richest self-made women in America list, with a net worth of $1.4 billion.

Her success is thanks in part to the 30 per cent stake she owns in Savage X Fenty, which had a $1 billion valuation in February 2021, per the outlet.

The outlet also cited Fenty Beauty, Rihanna's Super Bowl halftime performance, and the release of her Academy Award-nominated song, "Lift Me Up," as reasons for her wealth.