ADP chief takes a swipe at ‘spoiled brat’ Bill Ackman
Bill Ackman is a “s🦹poiled brat,” according to Automated Data Processing CEO ꩵCarlos Rodriguez, who is battling the activist investor’s efforts to grab three seats on the paycheck processor’s board.
Ackman’s Pershing Square hedge fund initially wanted five seats along with Rodriguez’👍s ouster, ADP had claimed, but settled for less after ADP declined to extend its Aug. 10 deadline for submitting board candidates.
“It kind of reminds mไe a little bit of a spoiled brat in school asking the teacher for an extension for their homework,” Rodriguez .
“Our board … has never asked for an extension for anything. They show up on time and they show up prepared,” Rodriguez said.
Over the last two months, Pershing Square has built ꦓan 8 percent stake in ADP through derivative contracts. It said it is seeking “transformational change” at the company but has so far offered few specifics.
T🀅he hedg🐎e fund is planning a presentation to detail its plans on Aug. 17.
So far,🎶 Rodriquez describes his experience with Ackman as “baffling” and “surreal.”
“What it feels like is I’m negotiating with someone about buying a used car,” Rodriguez said. “One approach would have꧙ been just to contact us and say, ‘I have some ideas I want to talk to us.’”
Instead, Rodriguez s﷽aid Ackman threatened the company by sending videos tied to the hedge fund’s successful investment in Canadian Pacific, along with threats to embarrass the CEO.
The hedgie will be meeting with ADP in early 𓃲September, although ADP doesn’t think it needs Ackman’s help.
Rodriguez noted that ADP has the rare distinction of being “dividend aristocrat — a mark for companies that have increased the�ꦑ�ir dividend annually for 25 years. ADP has done so for 42 years, Rodriguez said.
“If Bil💞l Ackman leaves us alone, we intend to get to 50 years,” he added.
Representatives for Pershing Square declined to comme𒉰nt on Rodriguez’ 💖comments.
The latest flap surfaced in what has been a♎ tough summer for Bill Ackman.
The hedgie at an Las Vegas exclusive dinner held in M⭕ay during SkyBridge Alternative💦s (SALT) Conference, an annual confab for hedge funds and celebrities.
“If I could, I’d punch you in the face,” Biden .