ADP CEO Rodriguez Fires Back at 'Spoiled Brat' Bill Ackman
Automatic Data Processing Inc. (ADP) - Get Report CEO Carlos Rodriguez said Pershing Square CEO Bill Ackman has acted like a "spoiled brat" in his quest to shake up the human resources management company on CNBC's Squawk Box Thursday, days after Ackman announced his company had taken an 8% stake in ADP.
Rodriguez said Ackman is relying on inaccurate information, failing to "avail himself" to public information about ADP's financials before making statements. "I'm directly saying he doesn't know what he's talking about," Rodriguez said.
Rodriguez said Ackman acted like a "spoiled brat" who asks the teacher for a deadline on an assignment when he petitioned ADP's board for an extension on the deadline to nominate new members. "I've never asked anybody for an extension," Rodriguez said. "The board shows up on time and shows up prepared."
Pershing announced Monday it is appointing a minority slate of three members to ADP's board, with one nomination being Ackman. Despite some media reports, Rodriguez said Ackman made it clear at first that he wanted Rodriguez replaced.
"What it feels like is that I'm negotiating with someone about buying a used car," Rodriguez said, not a company with $48.2 billion in market valuation.
Rodriguez said ADP has scheduled a meeting with Ackman in September. "We're willing to listen to any ideas. Frankly we haven't heard any ideas yet because he wasn't ready to share his ideas."
ADP stock traded down 0.78% to $108.80 mid-morning Thursday.
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