Activist Investor Ackman Pushing For Shakeup At ADP

Law360, New York (August 4, 2017, 7:20 PM EDT) -- Payroll processing and human resources management provider ADP LLC said Friday that activist investor William Ackman has purchased an 8 percent stake in the company through his hedge fund and is pushing to shake up the board of directors and remove its CEO.

ADP said in a statement Friday that it was approached by Ackman on Aug. 1 and told that Pershing Square Capital Management LP had acquired the interest largely in derivatives. The company said Ackman wants to nominate five new board members to the 10-member board, including himself, and said he indicated that CEO Carlos Rodriguez should be replaced....

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