Fiera Tumbles on 50% Dividend Cut as CEO Desjardins Steps Down

Shares of Fiera Capital Corp. plunged by as much as 10.4% after the company chopped its dividend in half, as founder Jean-Guy Desjardins steps aside as chief executive officer to make way for Maxime Menard.

Fiera reported earnings of 20 Canadian cents a share on an adjusted basis in the first quarter, slightly missing estimates. The money-management firm is lowering its quarterly dividend to 10.8 Canadian cents.