11:30 AM EDT, 05/22/2024 (MT Newswires) -- CGI (GIB-A.TO), an IT and business consulting services company, on Wednesday appointed Francois Boulanger as its chief executive, effective Oct. 1.

Boulanger will replace George Schindler, who is retiring, but for a transition period will serve the board as strategic advisor to Serge Godin, the company's founder and executive chairman.

Boulanger is currently chief operating officer of CGI's operations in Canada, US commercial and state government, Asia Pacific global delivery centers of excellence, and global IP solutions.

Meanwhile, National Bank of Canada reiterated CGI's Outperform rating and $175 price target.

The bank said Boulanger's experience leading the global IP solutions division may pave the path for a growing proportion of IP revenue as a percentage of the company's total revenue moving forward.

National Bank said it expects a seamless transition following the appointment.

CGI's shares were last seen down C$0.42 to C$143.19 on the Toronto Stock Exchange.

Price: 143.28, Change: -0.34, Percent Change: -0.23