Tech Firm CGI Picks Tim Hurlebaus as CEO After AI Fears Crush Share Price

Shares of Canadian IT consulting firm CGI Inc. extended their losses over 40% in one year after it appointed a new chief executive officer, a slump largely due to concerns about disruption from artificial intelligence upstarts such as Anthropic PBC.

François Boulanger is retiring after less than three years as CEO and has been succeeded by President Tim Hurlebaus, who had been overseeing the company’s operations across the US, the UK and Australia. The move is effective Tuesday.