CDW Corp shares tumbled 10% in pre-market trading on Wednesday, as investors reacted to the company's second-quarter earnings report and an unexpected leadership change.

The sell-off came despite CDW reporting better-than-expected Q2 sales of $6.57 billion and adjusted EPS of $2.91, both surpassing analyst estimates. However, the company disclosed that gross profit margin declined due to product mix shifts into lower-margin hardware categories, while operating margin narrowed 0.5 percentage points to 6.5%. Wall Street's median 12-month price target of $147.00 also sat approximately 4.5% below the stock's Tuesday closing price of $154.00, suggesting the shares may have been trading at elevated levels ahead of the results.

Adding to the pressure, CDW announced that Chief Financial Officer Albert J. Miralles plans to retire in 2027, with a succession search now underway. Miralles will remain in his role until a successor is appointed and then transition to an advisory position. The departure of a long-tenured CFO, combined with the margin erosion revealed in the earnings report, appeared to weigh heavily on investor sentiment in the pre-market session.