Canadian IT consulting firm CGI Inc. appointed a new chief executive officer after the company’s share price tumbled about 40% in a year, 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.