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Ackman seeks control of ADP and ouster of CEO

Ackman seeks control of ADP and ouster of CEO

NEW YORK (AP) — Activist investor Bill Ackman is initiating a fight for control of the payroll processing company ADP and the ouster of its chief executive officer.

Carlos Rodriguez has served as ADP's CEO for nearly six years.

ADP said Friday that Ackman's Pershing Square Capital Management informed the company that it wants Ackman nominated to the 10-member board, along with four others, and it wants to push back the Aug. 10 deadline for nominating directors.

ADP, based in Roseland, New Jersey, is rejecting that request, saying it's not in the best interest of shareholders. The company also said that the deadline has been publicly known for almost a year.

Pershing owns 8 percent of ADP, mostly in derivatives.

Shares of Automatic Data Processing Inc. are up nearly 3 percent in premarket trading.

Updated : 2021-04-23 05:44 GMT+08:00