Ackman's Pershing Square to nominate three ADP board directors: sources

Reuters News
Posted: Aug 07, 2017 3:49 PM

(Reuters) - Pershing Square Capital Management LP plans to nominate three directors, including its CEO William Ackman, to sit on the board of human resources outsourcing company Automatic Data Processing Inc, a person familiar with the matter said on Monday.

The nominations by Pershing Square, an activist hedge fund, are expected to be disclosed in a regulatory filing with the U.S. Securities and Exchange Commission later on Monday, the source said.

Pershing Square will not call for the ouster of ADP's CEO Carlos Rodriguez, but will indicate it is happy to work with the company's management as long as it was open to significant changes at ADP, the source added.

The source asked not to be identified because the deliberations are confidential. Pershing Square did not respond immediately to a request for comment, while ADP declined to comment.

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(Reporting by Greg Roumeliotis in New York; Editing by Andrew Hay)