ADP Says Activist Investor William Ackman Seeks a Shake-Up
According to ADP, Pershing Square asked that a deadline for nominating directors be extended so it could put up
five candidates — including Mr. Ackman — for ADP’s board in time for this year’s annual shareholder meeting.
ADP, the payroll processing giant, said on Friday that the hedge fund mogul William A. Ackman had sought
five seats on its 10-member board, in the latest clash between corporate America and activist investors.
In a statement, ADP said that Mr. Ackman’s company, Pershing Square Capital Management, had disclosed on Tuesday
that it owned an 8 percent stake in the payroll company.
Mr. Ackman also said that the payroll specialist’s chief executive, Carlos A. Rodriguez, should be replaced, ADP said.
Mr. Ackman has long been one of the most prominent of these activists, having taken positions in
companies including from the mall operator General Growth Partners and Chipotle Mexican Grill.
“ADP is open to constructive input from our shareholders,
and our board respects the right of shareholders to nominate directors,” the company said in its statement.