ADP 'strongly disagrees' with Glass Lewis' recommendation on director election
ADP issued the following statement in response to a report by Glass Lewis & Co regarding the election of directors to ADP's Board of Directors at the company's 2017 Annual Meeting of Stockholders, to be held on November 7, 2017. ADP strongly disagrees with Glass Lewis' recommendation, which does not reflect the company's strong track record of delivering value to shareholders or the deep experience and complementary skill sets of its 10 incumbent Directors. ADP urges all stockholders to vote "FOR" ADP's 10 director nominees on the WHITE proxy card today. "We strongly disagree with Glass Lewis' recommendation, which does not take into account the significant business risk inherent in Pershing Square's margin expansion target nor the negative impact it would have on client retention and ADP's overall business. After thoroughly reviewing Pershing Square's nominees' credentials, ADP's Board determined that none has relevant technology or Human Capital Management experience and all lack skills and experience that would be additive to our Board." "Glass Lewis fails to recognize ADP's outstanding track record of outperformance relative to our peers and the broader market, the strategic investments ADP has made to develop new, innovative technology and services, and the stewardship and strength of our Board... We are disappointed that Glass Lewis failed to acknowledge the lack of relevant experience of Pershing Square's nominees as well as Pershing Square's own failure to grasp the nuances of ADP's business."