Gisele Bundchen, Victoria's Secret Part Ways

After seven years, the catwalker will no longer model for the lingerie giant

Gisele Bundchen and Victoria’s Secret are parting ways, PEOPLE has confirmed.

After much speculation as to whether Bundchen, 26, would extend her multi-million dollar contract, her agent tells PEOPLE, “Gisele’s contract is finished.”

On Tuesday, Edward Razek, Victoria’s Secret’s chief creative officer, said in a statement: “The long and fruitful relationship between Gisele Bundchen and Victoria’s Secret has reached a conclusion. We wish her all the best and thank her for her extraordinary work. She will continue to be a visible part of the world’s sexiest brand through the remainder of the year.”

The New York Post’s Page Six had reported that Bundchen was splitting with the lingerie company because it wouldn’t raise her $5 million-a-year salary.

But Bundchen had shown signs of wanting to move on as early as last year. At November’s Victoria’s Secret Fashion Show in Los Angeles, she told PEOPLE, “They’re really nice clients. I’ve been working with them for seven years, so it’s kind of like they become part of your family.”

Nevertheless, she said she was in the mood for a change: “I would like to have different chapters in my life. I mean let’s be honest – I do this because it’s my job.”

And perhaps now people will get to glimpse another side of her. “I’m not this girl all the time,” she said. “People have a perception of me because of Victoria’s Secret that I’m sexy, but I’m not a sexy girl. I’m very tomboyish.”

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