- Bill Ackman lost his proxy fight for seats on ADP’s board on Tuesday.
- Shares of ADP fell about 1.4% after the vote count came in.
- Watch ADP’s stock price move in real time here.
ADP has been battling Bill Ackman to fend off the addition of three Ackman-friendly directors to the company’s board. On Tuesday, the final vote came in and ADP’s shareholders decided to deny Ackman his seats.
Shares of ADP are down 1.24% to $US109.95 after the vote.
Ackman disclosed an 8% stake in the HR software giant when he started his proxy fight in August and had said he didn’t plan on selling his shares if the vote didn’t go his way. The investor said he would continue calling for changes at the company to increase margins and profitability.
Under the tenure of CEO Carlos Rodriguez, shares have almost doubled, but Ackman started his proxy fight by saying that shares could double again if the company focused on increasing shareholder value.
Shares have moved 7.57% higher over the last year.