Pershing Square Capital Management, L.P. (“Pershing Square”)
today announced that Pershing Square CEO Bill Ackman, Veronica
Hagen and Paul Unruh (“The Nominees for ADP’s Transformation”) will
participate in a fireside chat hosted and moderated by Sanford C.
Bernstein & Co. (“Bernstein”) Senior Analyst Lisa Ellis in
Chicago on October 19, 2017, at 1:00 PM EDT / 12:00 PM CDT to
discuss ADP (NASDAQ: ADP).
All shareholders and interested parties can watch the
conversation live at: www.ADPascending.com.
“We look forward to shareholders having the opportunity to get
to know our independent director nominees,” said Bill Ackman.
“Veronica has extensive global CEO experience in competitive
industries where her focus on operational efficiency and
productivity were paramount to her long-term success. Paul recently
served as member of a board committee at Symantec which oversaw a
business transformation and efficiency initiative. As shareholders
continue to learn more about Veronica and Paul, I’m confident they
will see the substantial value they would bring to ADP’s
board.”
Participant Bios:Lisa Ellis – BernsteinLisa Ellis
is the Senior Analyst at Bernstein covering Payments, Processors,
and IT Services, a position she has held since 2013. Bernstein is
widely recognized as Wall Street's premier sell-side research and
brokerage firm. Prior to joining Bernstein, Lisa spent 12 years at
McKinsey & Company, where she was a Partner in the Technology,
Media, and Telecom practice. At McKinsey, Lisa advised leading
hardware, software, IT services, telecom, and defense
communications companies on a range of strategic topics. Lisa holds
an MBA with Honors from the Darden Graduate School of Business, an
MS in Materials Science and Engineering from the University of
Virginia, and a BS in Physics and Mathematics from the College of
William & Mary. In 2017, Lisa was ranked No. 1 in Institutional
Investor's annual analyst poll.
Bill Ackman – Nominee for ADP’s TransformationBill Ackman
is the founder, chief executive officer and portfolio manager of
Pershing Square Capital Management, L.P., an SEC-registered
investment adviser founded in 2003. Pershing Square is a
concentrated research-intensive, fundamental value investor in long
and occasionally short investments in publicly traded companies.
Mr. Ackman has served as Chairman of the Board of The Howard Hughes
Corporation (NYSE: HHC) since November 2010. Mr. Ackman served as a
director of Valeant Pharmaceuticals International, Inc. (NYSE: VRX)
(TSX: VRX) between March 2016 and May 2017 and as a director of
Canadian Pacific Railway Ltd. (NYSE: CP) (TSX: CP) between May 2012
and September 2016. Mr. Ackman served as a director of J.C. Penney
Company, Inc. (NYSE: JCP) from February 2011 through August 2013
and as a director of Justice Holdings Limited (LSE: JUSH) from
April 2011 to June 2012 when it merged with Burger King Worldwide,
Inc. (NYSE: BKW), now Restaurant Brands International Inc. (NYSE:
QSR)(TSX: QSR). From June 2009 to March 2010, Mr. Ackman served as
a director of General Growth Properties, Inc. (NYSE: GGP). Mr.
Ackman is a Trustee of the Pershing Square Foundation, a member of
the Board of Trustees at The Rockefeller University and a member of
the Board of Dean’s Advisors of the Harvard Business School.
Mr. Ackman has extensive management, financial, and investment
experience through his prior service on boards of directors of
public companies and his investments in public and private
companies across a variety of industries. Mr. Ackman has
experience, as an investor and director, with business
transformations similar to the transformation opportunity at ADP.
Pershing Square is one of ADP’s largest shareholders and intends to
be a long-term investor in the Company.
Veronica Hagen – Nominee for ADP’s TransformationVeronica
M. Hagen served as Chief Executive Officer of Polymer Group, Inc.
from 2007 until her retirement in 2013 and served from 2007 to 2015
as a director. Polymer Group, Inc. is a leading producer and
marketer of engineered materials. Prior to joining Polymer Group,
Inc., Ms. Hagen was the President and Chief Executive Officer of
Sappi Fine Paper, a division of Sappi Limited, the South
African-based global leader in the pulp and paper industry, from
November 2004 until 2007. Ms. Hagen also served as Vice President
and Chief Customer Officer at Alcoa Inc. (NYSE: AA). She serves on
the Compensation Committee and the Nominating/Corporate Governance
Committee of the Board of Directors of American Water Works
Company, Inc. (NYSE: AWK). Ms. Hagen also serves as the Chair of
the Compensation Committee and a member of the Nominating and
Governance Committee of the Board of Directors of Newmont Mining
Corporation (NYSE: NEM). Since 2008, Ms. Hagen has served as a
director of Southern Company (NYSE: SO) on the Nuclear/Operations
Committee and as chair of the Nominating and Governance Committee.
She also served as lead director of Southern Company for two years.
Ms. Hagen is a member of the Committee of 200, Women Corporate
Directors, and the National Association of Corporate Directors.
Ms. Hagen has extensive global executive leadership experience
in competitive industries where her focus on operational efficiency
and productivity were paramount to her long-term success. Ms. Hagen
has experience overseeing cyber security through her role on the
Southern Company Nuclear / Operations Committee. Ms. Hagen’s
experience as an executive and public company director will provide
valuable skills and insights to ADP Board. Ms. Hagen has personally
invested over $300,000 in ADP common stock.
V. Paul Unruh – Nominee for ADP’s TransformationV. Paul
Unruh is presently director and Chairman of the Audit Committee at
Symantec Corporation (NASDAQ: SYMC). Mr. Unruh serves as director
and Chairman of the Audit and Risk Committee at Aconex Limited
(ASX: ACX) and previously served as a director and member of the
Audit and Finance Committee at Heidrick & Struggles
International Incorporated (NASDAQ: HSII). Mr. Unruh is a member of
the National Association of Corporate Directors as well as the KPMG
Audit Committee Institute. Mr. Unruh previously served on the Board
of London Continental Railways Limited, Move, Inc. and URS
Corporation. Mr. Unruh is a Certified Public Accountant. Mr. Unruh
retired from his 25-year tenure with Bechtel Group (“Bechtel”) in
2003. Mr. Unruh served in numerous senior leadership roles at
Bechtel, including Chief Financial Officer from 1992-1996,
Controller from 1987-1991, Treasurer from 1983-1986 and Manager of
Financial Systems Development from 1978-1982. He served as the
President of Bechtel Enterprises Holdings, Inc. from 1997-2001. Mr.
Unruh served as the Vice Chairman at Bechtel Group, Inc. from
2001-2003.
Mr. Unruh has obtained technology, project development, finance,
human resources, legal, and strategic planning expertise through
his 30 years of professional experience as a senior executive. As a
member of the Symantec board subcommittee overseeing their
transformation initiative, Mr. Unruh has recent experience helping
to oversee a business transformation initiative at a large
technology company. Mr. Unruh’s executive experience, along with
his public company board experience, will make him a valuable
addition to the ADP Board. Mr. Unruh has personally invested over
$300,000 in ADP common stock.
Pershing Square published its most recent ADP presentation on
October 11, 2017. Shareholders can access that presentation here
and additional supporting materials here.
For additional information, visit our website:
www.ADPascending.com. Follow ADPascending on Facebook, Twitter and
YouTube.
To vote for Pershing Square’s Nominees for ADP’s Transformation,
please vote the GOLD Proxy Card or GOLD Voting Instruction
Form.
You can vote by Internet, telephone or by signing and dating the
GOLD Proxy Card or Voting Instruction Form and mailing it in the
postage paid envelope provided. We urge you NOT to vote using any
white proxy card or voting instruction form you receive from ADP.
Please discard the white proxy card.
If you have any questions about how to vote your shares, please
contact our proxy solicitor, D.F. King & Co., Inc., at (866)
342-1635.
About Pershing Square Capital Management, L.P.Pershing
Square Capital Management, L.P., based in New York City, is a
SEC-registered investment advisor to investment funds.
This press release relates to Pershing Square’s solicitation of
proxies in connection with the 2017 annual meeting of stockholders
of ADP.
The information contained in this press release (the
“Information”) is based on publicly available information about
Automatic Data Processing, Inc. (“ADP” or the “Company”), which has
not been independently verified by Pershing Square Capital
Management, L.P. (“Pershing Square”). Pershing Square recognizes
that there may be confidential or otherwise non-public information
in the possession of ADP or others that could lead ADP or others to
disagree with Pershing Square’s conclusions. This press release and
the Information is not a recommendation or solicitation to buy or
sell any securities.
The analyses provided may include certain forward-looking
statements, estimates and projections prepared with respect to,
among other things, general economic and market conditions, changes
in management, changes in board composition, actions of ADP and its
subsidiaries or competitors, the ability to implement business
strategies and plans and pursue business opportunities in the human
capital management industry. Such forward-looking statements,
estimates, and projections reflect various assumptions by Pershing
Square concerning anticipated results that are inherently subject
to significant uncertainties and contingencies and have been
included solely for illustrative purposes, including those risks
and uncertainties detailed in the continuous disclosure and other
filings of ADP with the Securities and Exchange Commission at
www.sec.gov. No representations, express or implied, are made as to
the accuracy or completeness of such forward-looking statements,
estimates or projections or with respect to any other materials
herein. Actual results may vary materially from the estimates and
projected results contained herein.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171017006853/en/
Media:Pershing SquareFran McGill,
212-909-2455McGill@persq.com
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