Good morning,
Yvonne McGill is making history at Dell Technologies. She’s the first woman to become CFO of the tech giant.
Dell announced during its Q4 fiscal 2023 earnings call on Thursday that EVP and CFO Tom Sweet will retire from the company. Sweet's last day is on Aug. 4, according to Dell. McGill, corporate controller since 2020, will then succeed him as finance chief.
Sweet joined Dell 26 years ago and held several leadership positions before becoming CFO in 2014, including VP of corporate finance, controller, head of internal audit, and chief accounting officer. He’s the longest-serving CFO in the company's history.
Chairman and CEO Michael Dell said on the call that Sweet has guided the company “through tremendous growth and through some extraordinary milestones, from the merger with EMC to returning to the public markets to spinning off Dell's stake in VMware.” Dell thanked Sweet for his work over the years, and his friendship.
McGill joined Dell in 1997. Her roles at the company included CFO and SVP of the Infrastructure Solutions Group, chief accounting officer, and she led the finance function for the Asia-Pacific, Japan, and China business. Her first job at Dell was as vice president of finance. In McGill's current role as corporate controller, her responsibilities include tax, treasury, accounting, and investor relations.
“She is a proven finance leader, and we are all thrilled to have her as our next CFO,” Dell said on the call.
The company reported record full-year revenue of $102.3 billion, up 1%. And $25 billion in revenue in the quarter ending Feb. 3, down 11% from the year prior. But exceeded analysts’ estimates of $23.39 billion. Dell earned an adjusted $1.80 a share for the quarter, beating estimates. “Currency remained a headwind and impacted revenue by approximately 410 basis points,” Sweet said on the call.
The personal computer market slowed in June, and experienced a sharp decline in calendar Q4, the company said. As a result, its client services group revenue declined 23% to $13.4 billion. Infrastructure solutions, including storage, networking gear, and servers, increased 7% from the prior year to $9.9 billion. Last month, Dell announced around 5% of the company’s workforce will be impacted by the layoffs.
“Expect us to continue to be disciplined in how we manage the business and the current macroenvironment, focusing on what we can control and delivering for our customers,” Sweet said. “The quantity and value of data continue to explode, and the long-term trends are in our favor,” Dell added.
McGill takes the helm at a time when the percentage of CFOs at major companies who are women hit an all-time high. In 2022, women made up 16.3% of CFOs at Fortune 500 and S&P 500 companies, based on an analysis of more than 650 C-suite executives by the firm Crist Kolder Associates. That's an increase from 6.3% back in 2004, when the firm began tracking the data.
There’s still a long way to go regarding the representation of women in financial leadership, but the industry is making some strides.
Have a good weekend. Take care.
Sheryl Estrada
sheryl.estrada@fortune.com
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