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ADP says Ackman's Pershing Square seeking control of company
August 4, 2017 / 12:06 PM / in 4 months

ADP says Ackman's Pershing Square seeking control of company

Aug 4 (Reuters) - Automatic Data Processing Inc said hedge fund Pershing Square Capital Management is seeking effective control of the HR services provider by nominating five directors to its board.

The hedge fund, controlled by billionaire investor William Ackman, has also urged the company to replace its Chief Executive Carlos Rodriguez.

“Ackman requested that ADP extend the Aug. 10 deadline for nomination of directors by 30 to 45 days and said he planned to nominate five directors, including himself, to ADP’s 10-member board,” the company said in a statement.

Pershing Square owns 8 percent of ADP. (Reporting by Supantha Mukherjee in Bengaluru; Editing by Shounak Dasgupta)

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