Billionaire Activist Investor Bill Ackman Just Lost a Big Board Seat Battle

Nov 07, 2017 - Fortune

Activist hedge fund manager William Ackman lost his bid to win seats on the board of Automatic Data Processing Inc, according to a shareholder voting tally read at the payroll processor’s annual shareholder meeting.

Pershing Square did not get any of its three nominees, including Ackman, elected to ADP’s board, with less than 25 percent of voting shares pledged in support of his proxy campaign.

“I want to thank our shareholders for the vote of confidence they've given us,” sa...