Business News

ADP's board rejects billionaire hedge-fund manager Bill Ackman's three candidates

Carlos Rodriguez, CEO of ADP.

ADP's board has unanimously rejected billionaire hedge-fund manager Bill Ackman's three candidates, the company announced Monday.

ADP said its nominating and corporate governance committee determined that none of the Pershing Square nominees would bring "additive skills or experience to ADP's board."

The board plans to nominate its 10 existing directors for re-election at the 2017 annual meeting: Peter Bisson, Richard T. Clark; Eric C. Fast, Linda R. Gooden, Michael P. Gregoire, R. Glenn Hubbard, John P. Jones, William J. Ready, Carlos Rodriguez and Sandra S. Wijnberg.

The payroll processing company said it plans to file its preliminary proxy statement with the Securities and Exchange Commission this week.

In a 167-slide presentation last week, activist investor Ackman revealed his "transformation plan" for ADP to more than double the company's stock price.

Pershing Square recently took an 8 percent stake in ADP. Ackman told CNBC on Aug. 4 he is seeking big changes at the company. In a counterpunch, ADP CEO Carlos Rodriguez told CNBC that Ackman "doesn't know what he's talking about" and likened him to a "spoiled brat."

CNBC's Tae Kim contributed to this report.

TUNE IN: ADP CEO Carlos Rodriguez will appear on CNBC's "Mad Money" with Jim Cramer Monday at 6 p.m. ET