Monday, 20 November, 2017

ADP Board Rejects Pershing's Request To Extend Director Nomination

William 'Bill' Ackman CEO and Portfolio Manager of Pershing Square Capital Management speaks during the Sohn Investment Conference in New York City Hedge fund billionaire Bill Ackman is trying to shake up the management of his latest target
Mae Harvey | 05 August, 2017, 00:34

ADP also argued that because its shareholder return under Mr. Rodriguez's tenure as CEO has been stronger than Mr. Ackman's performance at Pershing and no executive changes are needed. It doesn't look like he's picked an easy target.

Bill Ackman is done with Valeant Pharmaceuticals (VRX), still shorting Herbalife (HLF) and tweeting about Chipotle (CMG). He exited a high-profile investment in Valeant Pharmaceuticals International in March that cost the firm $4 billion, while a stake in Chipotle Mexican Grill, which has been hit by renewed food-safety concerns, is worth nearly $190 million less than when he acquired it past year.

In its statement, ADP said that its total return to shareholders under Mr. Rodriguez amounted to 202 percent, assuming investors held onto their shares of the CDK Global division that was spun off three years ago and reinvested the dividends from both companies.

ADP said that Ackman is seeking to nominate five board directors, including himself, to ADP's ten-member board, and also to oust Carlos Rodriguez, the company's chief executive since 2011.

ADP said the New York-based hedge fund had asked earlier this week to extend the August 10 deadline to nominate directors to its.

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The current board has "an effective balance of leadership continuity and fresh perspectives" that will help ADP to further its goals, said the statement. The investment firm has not yet disclosed its holding in ADP.

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

Results have been mixed. Pershing Square's investor return from 2012 through previous year, according to ADP, was about 29 percent.

He has forced changes, cheered by investors, at companies like Canadian Pacific Railway, as well as Air Products and Chemicals Inc. ADP said Ackman's fund owns an 8% stake, mostly made up of derivatives. The talks focused on how to make ADP more nimble and quicker to adopt new technology, helping them compete with smaller competitors, the people said, asking not to be identified because the matter is private. The company also said that the deadline has been publicly known for nearly a year.

The company added that since Rodriguez became CEO almost six years ago, ADP's total shareholder return of 202% is well in excess of the S&P 500 TSR of 128% - and is many multiples of Pershing's TSR of 29%. Pershing Square now has around $10-billion in assets under management.

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