Automatic Data Processing Inc. rejected activist investor Bill Ackman's nominees for the board of directors, saying his candidates are no improvement on the current board and setting the stage for a proxy battle at the payroll and human resources outsourcing provider.
ADP will instead nominate its 10 existing directors for re-election at the annual meeting later this year, the company said in a statement Monday. In spurning Ackman's candidates, the board voted unanimously to follow the recommendation of its nominating and corporate governance committee, according to the statement.
"We have determined that adding Mr. Ackman's nominees would not be an improvement," ADP Chairman John Jones said in the statement. "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."
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