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Pershing Square Announces Nominees for Election to the Board of Directors of ADP

NEW YORK--(BUSINESS WIRE)--Pershing Square Capital Management, L.P. (“Pershing Square”) announced today it has proposed three directors for election to the Board of ADP (NASDAQ:ADP). Pershing Square also announced that it will hold a public webcast for investors on Thursday, August 17, 2017, at 9:00 AM EDT. On the webcast, Pershing Square will describe the results of its extensive research on ADP, which reveals an enormous opportunity to improve ADP’s operations, profitability and competitive position. Details regarding how to access the webcast will be announced prior to the event.

“We are pleased to nominate such superb independent directors to the Board of ADP who will bring relevant skills, expertise and judgment to assist the Board in achieving ADP's maximum potential”

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Pershing Square’s nominees, who will be proposed at ADP’s forthcoming annual meeting of shareholders, are: Bill Ackman, Veronica M. Hagen and V. Paul Unruh. Ms. Hagen and Mr. Unruh are independent and do not have any prior business or personal relationships with Pershing Square.

Ms. Hagen was formerly the CEO of Polymer Group, Inc. (“Polymer”) which was acquired by Blackstone Group (“Blackstone”). Ms. Hagen continued to serve as Polymer’s CEO until her retirement in 2013 and remained on the Board until 2015 when the company was sold by Blackstone to Berry Plastics Group Inc. for $2.45 billion, generating a nearly 3x multiple on invested capital.

Ms. Hagen is currently a director, having previously served as lead director, of Southern Company (NYSE: SO), a $49 billion market capitalization public utility holding company. She also serves as a director and Chair of the Compensation Committee of Newmont Mining Corporation (NYSE: NEM) and as a director of American Water Works Company, Inc. (NYSE: AWK).

Mr. Unruh held several senior leadership positions at Bechtel Group (“Bechtel”), one of the largest private corporations in the world, including Vice Chairman, CFO, Controller, Treasurer and Manager of Financial Systems Development. At Bechtel, Mr. Unruh was a member of the three-member executive committee responsible for overall direction of the firm.

Mr. Unruh serves as a director and Chairman of the Audit Committee at Symantec Corporation (NASDAQ: SYMC) and Chairman of the Audit and Risk Committee of Aconex Limited (ASX: ACX). He previously served as a director at Heidrick & Struggles International, Inc. (NASDAQ: HSII), London Continental Railways Limited, Move, Inc. and URS Corporation.

“We are pleased to nominate such superb independent directors to the Board of ADP who will bring relevant skills, expertise and judgment to assist the Board in achieving ADP's maximum potential,” said Pershing Square CEO Bill Ackman.

Biographies of Pershing Square Nominees:

Bill Ackman, 51, is the founder, chief executive officer and portfolio manager of Pershing Square Capital Management, L.P., an...


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