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Activist Bill Ackman loses bid for ADP board seats

Big ADP shareholders Vanguard, State Street voted for company; BlackRock voted for Ackman

Activist Bill Ackman loses bid for ADP board seats

Activist investor Bill Ackman has lost his bid for three seats on the board of Automatic Data Processing after fighting for three months over the future of the human resources company, The Wall Street Journal reports.

ADP investors re-elected the entire 10-person board at the annual meeting at its New Jersey, headquarters, according to an announcement from the company. The shareholders rejected Ackman and his two other nominees after a series of criticism was aimed at the company from the investor.

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