CTPartners Executive Search Inc. (AMEX: CTP), a leading global retained executive search firm, today announced that its Board of Directors has authorized a new repurchase program to acquire up to $1 million of CTPartners’ outstanding common stock in open-market and privately negotiated transactions and block trades. The timing of any share purchases, the prices and the number of shares to be purchased will be dependent on market conditions. The new share repurchase program replaces the existing program, which was authorized in August 2011, pursuant to which the Company purchased 176,271 shares for approximately $1 million in open-market and privately-negotiated transactions..
Brian Sullivan, Chief Executive Officer of CTPartners said, “The completion of our existing share repurchase program and implementation of a new program reflects our ongoing confidence in our growth potential as well as our shareholder focus. While investing in our business remains paramount towards driving future growth and creating long-term value, we believe the repurchase of our shares can be a prudent use of capital.”
The share repurchases will be conducted in accordance with applicable securities laws. The Company is not obligated to make any purchases and the program may be suspended or discontinued at any time.
As of December 31, 2011, CTPartners had 7,110,360 common shares outstanding.
CTPartners is a leading performance-driven executive search firm serving clients across the globe. Committed to a philosophy of partnering with its clients, CTPartners offers a proven record in C-Suite, senior executive, and board searches, as well as expertise serving private equity and venture capital firms.
With origins dating back to 1980, CTPartners serves clients with a global organization of more than 400 professionals and employees, offering expertise in board advisory services and executive recruiting services in the financial services, life sciences, industrial, professional services, retail and consumer, and technology, media and telecom industries. Headquartered in New York, CTPartners has 23 offices in 15 countries.