Tuesday, 22 August 2017
Latest news
Main » ADP Board Rejects Pershing's Request To Extend Director Nomination

ADP Board Rejects Pershing's Request To Extend Director Nomination

05 August 2017

Ackman also told ADP that CEO Carlos Rodriguez "should be replaced". "However, ADP has a clearly defined board nomination process, and the 2017 deadline for director nominations has been public for almost a year".

While Ackman may be able to score points with criticism of the company's strategy, he may find it hard to challenge Rodriguez given his track record as CEO, some analysts said.

The company says while it's open to "constructive criticism", the 2017 deadline has been public for a year and changing it would not be in the best interests of shareholders. In a statement, ADP chastised Mr. Ackman for seeking a delay in its director-nomination deadline. Pershing Square's investor return from 2012 through past year, according to ADP, was about 29 percent. It defended Mr. Rodriguez and the board and took a swipe at Mr. Ackman's own investing performance, which has lagged. From the beginning of the year through July 26, the day before Bloomberg News reported on Pershing Square's stake, the company's stock had risen about 3 percent, compared to about 9 percent for the Standard & Poor's 500 stock index. Pershing Square intends to file a Schedule 13D on Monday, August 7, 2017.

Kevin James' TV wife killed off with Leah Remini's arrival
On " Kevin Can Wait ", Remini plays a tough detective named Vanessa who is the former partner of James' character, a retired cop. James' wife on the series, Donna - played by Erinn Hayes - was dropped by the series after the end of the first season.

Pershing Square took a 9.9% stake in Chipotle previous 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%.

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

Spotify to release Xbox One app soon
Earlier this week, screenshots of Microsoft's Larry "Major Nelson" Hryb testing the Spotify App for Xbox surfaced on the Xbox One Reddit .

About Pershing Square Capital Management, L.P.

ADP shares were little changed in NY trading at 11:15 a.m.

On Friday morning, ADP's announcement of Ackman's desire barely registered with investors.

Solar eclipse: When, where, and how to view it
We're sending our team to Atchison, Kan. where 100% of the sun will be blocked out by the moon. The longest eclipse totality will last two minutes and 40 seconds, in Carbondale, Illinois.

ADP Board Rejects Pershing's Request To Extend Director Nomination