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Ackman’s Pershing Square says it plans to nominate directors at ADP

Posted by: Admin | Posted on: August 4th, 2017 | 0 Comments

BOSTON (Reuters) – Billionaire investor William Ackman on Friday said his Pershing Square Capital Management hedge fund plans to nominate directors to, but not try to control, the 10-person board at payroll services company Automatic Data Processing Inc (ADP.O).

Ackman said he sees an opportunity to improve operating performance at the company through “transformational” change and cost cutting, and that he is willing to work with existing management or a new chief executive from outside the company to push for those changes.

Reporting by Svea Herbst-Bayliss; Editing by Bill Rigby

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