Dell Stock Drops After CFO’s Surprise Departure. It Reaffirmed Guidance.

Dell announces CFO’s departure. (Sergio Flores/Bloomberg)

Dell Technologies stock was dropping on Tuesday after the computer hardware company announced that Chief Financial Officer Yvonne McGill is resigning two years after landing the role.

Dell announced after the stock market closed on Monday that McGill—Dell’s first female CFO—would be leaving effective today after about 30 years at the company.

“I am proud of all we have accomplished together and believe that after such long service with one company this is the right time for me to embark on my next chapter,” McGill said in a press release.

Dell is begun looking for her replacement, and has placed David Kennedy, senior vice president of Dell Global Business Operations, as interim CFO.

Dell said in a securities filing that McGill’s decision to resign isn’t the result of any disagreements with the company on any matter relating to its financial statements, internal control over financial reporting, operations, policies or practices. Dell also said that it was reaffirming its guidance for the fiscal third quarter and year.

Still, shares were down 3% to $119.33.

“The announcement comes as a bit of surprise given the timing, as Ms. McGill had only been in the CFO seat for two years and is leaving one month before DELL’s upcoming October analyst day,” Evercore ISI analyst Amit Daryanani wrote in a note Monday night. He rates Dell as Outperform with a $160 price target.

BofA Securities analyst Wamsi Mohan wrote in a note on Monday night that while the transition was “sudden,” he expects a “smooth handover.”

“We see this transition as Ms. McGill’s decision. Dell has a deep bench which will allow for a seamless go-forward motion,” Mohan said. He rates Dell as a Buy with a $167 price target.

Shares of Dell have gained 3.6% this year, underperforming the S&P 500’s 11% gain. The company reported better-than-expected second-quarter financials on Aug. 28, but its third-quarter outlook missed the mark.

Write to Angela Palumbo at angela.palumbo@dowjones.com