- The Board of Directors of Computer Task Group (NASDAQ:CTG) authorized the Company to repurchase up to $10M of its outstanding shares over the period of next two years.
- The Board of Directors also approved a suspension of the cash dividend.
- Chairman of CTG’s Board of Directors, Daniel J. Sullivan, commented, “The Board and executive management recently conducted a comprehensive review of the Company’s capital allocation priorities, and subsequently elected to authorize a share repurchase program to take advantage of current market conditions. More specifically, we believe the opportunistic repurchase of CTG shares at the current valuation is a very effective use of the Company’s capital resources. Today’s announcement demonstrates both the Board’s and management’s commitment to maximizing shareholder value, while simultaneously focusing on the execution of our strategic business plans to drive future growth.”
- Press Release