Three Things Bill Ackman Wants to See Happen at ADP

05 August, 2017, 00:35 | Author: Gladys Mathis
  • Bill Ackman chief executive officer and portfolio manager at Pershing Square Capital Management

Activist investor Bill Ackman has opened a fight for control of the payroll-processing company ADP and the ouster of its chief executive officer.

If Ackman misses the nomination deadline, ADP's bylaws dictate that he would have to muster the support of 33 per cent of the company's shareholders to call for a special shareholder meeting, if he does not want to wait for next year's annual meeting. "He also said CEO Carlos Rodriguez should be replaced".

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.

"We believe our current Board has an effective balance of leadership continuity and fresh perspectives that will help us to continue this strong track record of delivering value to shareholders", said ADP's statement.

ADP defended Rodriguez while taking a shot at Ackman.

The news comes about a week after Pershing Square announced it was taking a stake in the company.

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"Since Carlos Rodriguez became CEO almost six years ago, ADP's total shareholder return of 202 percent is well in excess of the S&P 500 TSR of 128 percent - and is many multiples of Pershing's TSR of 29 percent", the company said.

Ackman had previously invested in ADP from 2009 to 2011. The size of the stake, about 8%, is mostly through derivatives, according to ADP.

As of 1252 BST shares in ADP were higher by 2.885 at $114.99. Pershing Square intends to file a Schedule 13D on Monday, August 7, 2017.

He also has a billion-dollar bet against multilevel marketing firm Herbalife, alleging that the nutrition supplement seller is a pyramid scheme.

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

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