Leon Cooperman, former board member of ADP for twenty years, went after Bill Ackman today — because Bill wants a minority presence on the ADP board and its CEO ousted from the company.
He called Ackman ‘foolish, inappropriate and irresponsible’ for targeting the company, which he lauded as being one of the best publicly traded companies in the world.
On Friday, Pershing Square announced an 8% position, mainly through call options, and an intent to effect ‘transformational change’ change to ADP.
All Bill is asking for is a mere FIVE board members, himself included, to be added to ADP’s 10 man board — in addition to the removal of the CEO, Carlos Rodriguez.
ADP responded, saying “The Board has unanimously determined that it is not in the best interests of ADP or its other shareholders to accede to Pershing Square’s last-minute request for an extension.”
Taking a look at ADP’s numbers and share price performance, my only question is, ‘Is Bill Ackman Retarded?”
The company has crushed the S&P over the past 5 years and the chart is modern art. Maybe ‘Montauk Bill’ is tired of playing in the sewers with CMG and wanted to shitpost against a quality company now — having been tired of being tossed through the ringer in his other gambits.
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I think Ackman gets investors based on his gall rather than on his management ability… people love a good heel. This is based only on the fact that he still has a fund and is recklessly stupid.