Activist Investor Ackman wants five ADP board seats
After acquiring an 8 per cent stake in Automatic Data Processing (ADP), billionaire investor William Ackman-led hedge fund is planning to ask for board seats at the U.S. human resources outsourcing firm.
The leader of Pershing Square Capital Management is seeking board seats at ADP as he is pushing the U.S. human resources outsourcing firm to slash costs and enhance its returns.
The 51-year-old activist investor told investors that he wanted five board seats, including one for himself, on ADP’s ten-member board.
Ackman also wants to oust Carlos Rodriguez, who has been serving as ADP’s chief executive officer since 2011.
Ackman’s move on ADP comes as his hedge fund is in search for a big win in wake of money-losing investments in debt-laden drugmaker Valeant Pharma and norovirus-hit restaurant chain Chipotle Mexican Grill Inc.
With a market value of around $50 billion, ADP is the third-most popular company in the data processing and outsourced services sector behind Visa Inc. and PayPal Holdings Inc.
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