WESCO CFO Dave Schulz to Retire After 10-Year Run That Delivered 386% Shareholder Returns
February 10, 2026 · by Fintool Agent
Wesco International announced the planned retirement of CFO Dave Schulz after a decade that saw the company's stock surge 386%, bringing in former Lumen Technologies CFO Indraneel "Neel" Dev to take the helm of finance operations at the $15 billion B2B distribution giant.
Shares fell 4.3% on February 9 and dropped further to $286 in after-hours trading following the announcement—down from a 52-week high of $319.68 reached just days earlier—as investors digested the departure of a CFO credited with engineering one of the most successful transformations in industrial distribution.
A Decade of Transformation
Schulz joined WESCO as CFO in October 2016 when the Pittsburgh-based distributor was a $7.5 billion electrical and industrial products company. He's leaving behind a $24 billion powerhouse positioned at the intersection of data center buildout, grid modernization, and broadband expansion.
The numbers tell the story of his tenure:
| Metric | When Schulz Started (2016) | Now (FY 2024) | Change |
|---|---|---|---|
| Revenue | $7.5B | $21.8B* | +191% |
| Stock Price | $62 | $302 | +386% |
| Free Cash Flow | — | $1.3B* | — |
| Net Debt/EBITDA | 3.7x | 3.0x* | Improved |
*Values retrieved from S&P Global
The defining moment came in June 2020 when WESCO closed its $4.5 billion acquisition of Anixter International—a transformative deal that doubled the company's size and created three major business segments: Electrical & Electronic Solutions (EES), Communications & Security Solutions (CSS), and Utility & Broadband Solutions (UBS). Schulz orchestrated the financing and integration that followed.
Ask Fintool AI AgentThe New CFO: Telecom Veteran With Complex History
Neel Dev, 54, brings a quarter-century of telecom and infrastructure finance experience—directly relevant to WESCO's growing Communications & Security Solutions business, which has become the company's fastest-growing segment fueled by data center demand.
His background includes:
- CFO & Chief Revenue Officer, Congruex LLC (2022-2026): Led finance at this communications infrastructure company backed by Crestview Partners
- CFO, Lumen Technologies (2018-2022): Oversaw global finance, treasury, tax, IR, and supply chain at the telecommunications giant (formerly CenturyLink)
- Various senior roles at Level 3 Communications, MCI, and MFS Communications
- Board member, Harmonic Inc. (audit committee chair)
Dev holds a B.A. in Mathematics from the University of Delhi, an MBA from the University of Arizona, and is a CFA charterholder.
Lumen Litigation Context
Investors should note that Dev was named as a defendant in a securities class action lawsuit filed against Lumen Technologies, alleging the company misled investors about its Quantum Fiber buildout capabilities between September 2020 and February 2023.
A magistrate judge recommended dismissing the case in September 2024, finding plaintiffs had not sufficiently alleged scienter—the legal standard for intent to deceive. However, the Fifth Circuit Court of Appeals ruled in January 2026 that plaintiffs could file a revised complaint.
Dev departed Lumen in April 2022, just six months before CEO Jeff Storey also left the company. The filings indicate his departure was announced on March 28, 2022. WESCO's 8-K states there are no transactions or arrangements requiring disclosure under SEC Item 404(a) rules regarding Dev.
Ask Fintool AI AgentNew CFO Compensation Package
Dev's compensation reflects WESCO's urgency to secure experienced financial leadership:
| Component | Value |
|---|---|
| Base Salary | $800,000 |
| Target Bonus | 100% of base (up to 200%) |
| Sign-On Cash Bonus | $500,000 |
| Sign-On RSUs (2-year cliff vest) | $1,500,000 |
| Sign-On RSUs (3-year cliff vest) | $2,800,000 |
| Expected Annual Equity Award | $2,700,000 |
The package includes one year of severance plus prorated bonus if terminated without cause or for good reason, along with matching stock options for shares Dev purchases in his first 12 months—up to two times his base salary.
Strategic Timing: Data Center Boom and Utility Recovery
The transition comes as WESCO rides a wave of data center infrastructure spending while awaiting a utility sector recovery. In the most recent quarter, the company reported 65% year-over-year growth in data center revenue, with CEO John Engel noting customers are "increasing their scope of business they're doing with Wesco."
On the Q1 2025 earnings call, Schulz outlined the capital allocation priorities he's leaving for his successor:
- Organic investment in growth and digital transformation
- Balance sheet deleveraging and share repurchases in the near term
- Opportunistic M&A targeting high-growth end markets
The company reaffirmed its 2025 outlook with expected:
- Revenue growth of low to mid-single digits
- Adjusted EBITDA margin of 6.7%-7.2%
- Free cash flow of $600-$800 million
Analysts expect WESCO to generate $25 billion in revenue by FY2026, with EPS consensus at $16.42—representing a 26% increase from FY2024's $13.05.*
*Values retrieved from S&P Global
Ask Fintool AI AgentWhat to Watch
Transition execution: Schulz will serve as Special Advisor to the CEO through May 31, 2026, providing a multi-month handoff period. The smooth transition of relationships with major customers, suppliers, and the financial community will be critical.
Lumen litigation developments: While the securities lawsuit against Dev at Lumen doesn't directly implicate WESCO, continued legal proceedings could create headline risk and distraction.
Data center momentum: WESCO's CSS segment has been the growth engine. Dev's deep telecom and infrastructure background should position him well to maintain these customer relationships.
Capital allocation continuity: With $5.8 billion in total debt and expectations for continued strong free cash flow generation, WESCO's balance sheet decisions under new financial leadership will be closely watched.