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Automatic Data Processing Inc. ( ADP ) has officially rejected activist investor Bill Ackman's nominees for its board, opting instead to push for the reelection of all 10 of its existing board members...
We have determined that adding Mr. Ackman's nominees would not be an improvement. Unlike Mr. Ackman's nominees, ADP's directors have a deep understanding and appreciation of the current state of ADP's business and its clients.
The fact that the Board believes that the company's largest owner with an 8.3% stake does not deserve even one Board seat speaks to their insularity and lack of shareholder perspective.