ADP in big Ack attack on ‘spoiled brat’ Bill
Bill Ackman is a “spoiled brat,” according to Automated Data Processing Chief Executive Carlos Rodriguez, whois 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 claims, but settled for less after ADP declined to extend its Aug. 10 deadline for submitting board candidates.
“It kind of reminds me a little bit of a spoiled brat in school asking the teacher for an extension for their homework,” Rodriguez said in a CNBCinterview Thursday.
“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 an 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.
The hedge 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 have been just to contact us and say, ‘I have some ideas.’ ”
Instead, Rodriguez said, 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.
Reps for Pershing Square declined to comment on Rodriguez’s rant.
In May, Ackman was reportedly called a “wiseass” and “a--hole” by former Vice President Joe Biden at an Las Vegas exclusive dinner held in May during SkyBridge Alternatives (SALT) Conference, an annual confab for hedge funds and celebrities.
“If I could, I’d punch you in the face,” Biden reportedly told Ackman after the hedgie interrupted him during dinner.