Online recruitment-concern TMP extends CEO''s employment to 2005

Online recruitment-concern TMP Worldwide Inc. said Monday it extended chairman and chief executive Andrew J. McKelvey''s employment through 2005.

The owner of Internet career portal Monster said at McKelvey''s request, his base salary has been reduced to $200,000 from $500,000 per year.

To partially offset the lower salary, the board also said it would permit McKelvey to make hedging transactions involving up to 2.5 million of his personal TMP common shares.

In late trading, shares of TMP were at $25.79, down $1.22, or 4.5 percent on the Nasdaq Stock Market.