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Pershing Square nominates Ackman, 2 others to ADP board


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Pershing Square nominates Ackman, 2 others to ADP board

Pershing Square Capital Management LP has nominated its CEO, William Ackman, along with Veronica Hagen and V. Paul Unruh, to Automatic Data Processing Inc.'s board.

ADP responded in a press release that it respects Ackman's right to nominate directors and will evaluate his nominees as the company would any other potential directors.

"We have a strong and independent 10-member board, including four new directors who have joined since 2014, with an appropriate mix of skills, experience and leadership to drive board performance and provide effective oversight," the company said. "We believe our current board has the right balance of leadership continuity and fresh perspectives to help ADP continue our strong track record of delivering value to shareholders."

ADP again reiterated its strong performance under CEO Carlos Rodriguez. The company said days ago that Ackman was calling for his replacement.

Ackman's nominees, Hagen and Unruh, have no prior business or personal relationship with Pershing Square. Hagen is a director of Southern Co., a director and chair of the compensation committee of Newmont Mining Corp., and a director of American Water Works Company Inc. Unruh is a director and chairman of the audit committee at Symantec Corp. and chairman of the audit and risk committee of Aconex Limited.

Pershing Square in an ownership filing said it was the beneficial owner of about 8.3% of ADP's outstanding shares.