TMP to buy back shares

The purchases would be made "from time to time on the open market as conditions warrant" over a period of 18 months.

Andrew McKelvey, chairman and CEO, said: "Our financial position affords us the capability to repurchase shares and enhance TMP's overall shareholder value. Further, the share purchase program....is a testament to our commitment to and confidence in the long-term growth of TMP Worldwide."

TMP's share price has swung from a 52-week high of $48.60 to a recent low of just under $8 as hiring markets have remained weak worldwide.

The firm is not alone in its decision to buy back its shares. Last month rival firm Korn/Ferry International said almost all its most senior management bought common stock in the open market the day after its stock hit an all-time low of $5.78 on the New York Stock Exchange on July 23.

Among the buyers was Paul Reilly, chairman and CEO of Korn/Ferry, who said at the time: "We believe the current valuation of our stock does not reflect the full value of our business." Korn/Ferry's share price had risen to around $7.04 on Tuesday.