Ackman seeks board seats, CEO ouster at ADP

05 August, 2017, 00:33 | Author: Franklin Nunez
  • Bill Ackman chief executive officer and portfolio manager at Pershing Square Capital Management

"However, ADP has a clearly defined board nomination process, and the 2017 deadline for director nominations has been public for almost a year". We also discussed the need for transformational change at the company and expressed a willingness to work with existing management or, alternatively, an external CEO candidate, to effectuate that change.

ADP, based in Roseland, New Jersey, rejected the proposals by Pershing Square, saying that they're not in the best interest of shareholders. Mr. Ackman told the company he wants to nominate himself and four other directors to the 10-person board. ADP's board includes 10 people.

Ackman met with Rodriguez on Thursday and asked to postpone the nomination deadline but was told no, two sources told CNBC.

ADP said in the six years that Carlos Rodriquez has been CEO, ADP's total shareholder return (TSR) has been 202%, while the S&P 500's SPX, -0.22% TSR has been 128% and Pershing's TSR has been 29%.

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"Rodriguez has very broad-based investor support and has factually delivered very compelling returns for shareholders so Pershing Square faces an uphill battle in this case", said Bernstein Research analyst Lisa Ellis.

Prior to building Pershing's position in ADP, Ackman approached a number of his hedge fund investors to raise money earmarked only for the ADP bet through a special objective vehicle, sources familiar with the fundraising said.

A representative for Pershing Square declined to comment.

Pershing Square took a 9.9% stake in Chipotle past year.

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Shares in ADP rose almost 2.8 percent in premarket trading on Friday, to $114.85.

An 8% stake would amount to about $4 billion and make it one of the biggest current bets for Mr. Ackman's Pershing Square Capital Management LP, which has struggled in recent years....

ADP stock was down slightly as of Friday morning, but is up 8% year-to-date.

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