The Financial Post reports in its Wednesday, May 13, edition that CGI appointed a new chief executive officer after the company's share price tumbled about 40 per cent in a year. A Bloomberg dispatch to the Post reports that Francois 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 U.S., the U.K. and Australia. The move is effective Tuesday. Many investors view recent developments in artificial intelligence as a major threat to the business models of tech consulting firms like CGI and Accenture. On April 29, Mr. Boulanger attempted to reverse the negative sentiment by outlining the firm's AI strategy and explaining how CGI can play a role in embedding AI into the companies and institutions it serves. "Stand-alone AI tools are not a substitute for enterprise IT. They accelerate tasks and processes but don't solve integration at scale," he told analysts. But the stock still fell 11 per cent that day. Mr. Hurlebaus started his career at CGI as a developer and has been in information technology consulting for more than 35 years, according to a company statement.