NEW YORK, Jan. 23 /PRNewswire/ -- Pershing Square Capital Management, L.P. today filed proxy materials identifying its slate of eight candidates for nomination for the board of directors of Ceridian Corporation for this year's annual meeting. These candidates include senior executives from a wide range of industries including executives with previous senior management experience in payroll processing at ADP, and payment processing at First Data. These individuals have strong relevant business, strategic, and legal experience that should greatly assist Ceridian, its shareholders, and its employees with the creation of shareholder value and a superior experience for its customers and employees.
All eight of Pershing's board candidates are independent under Ceridian's board of director independence guidelines. Furthermore, six of the eight candidates -- those other than Mr. William Ackman and Professor Michael Porter -- have no previous affiliation or relationship with Pershing Square.
With respect to the company's January 23rd press release and its statement that Pershing "inaccurately characterized a number of comments by Ceridian's Chief Executive Officer" in its meeting on January 12th, Mr. Ackman stated:
"Rather than participate in a 'he said, she said' dialogue about our previous meeting, we prefer to focus on the future of Ceridian under improved governance and better alignment with shareholders' interests. As an owner of more than 11% or $450 million of Ceridian's outstanding common stock, compared with a nominal amount of stock held by the current board, we believe that we and the independent directors have identified the appropriate incentives and experience to create superior value for all Ceridian shareholders. We look forward to the opportunity for Ceridian shareholders to exercise their right to choose whom they would like to govern their company."
With respect to the company's suggestion that Pershing's proposed slate may somehow cause the company "to pursue a potentially costly and disruptive proxy contest," Mr. Ackman stated:
"We will endeavor to minimize any disruption to the company. We ask only that the company avoid launching ad hominem attacks, dilatory litigation tactics, meeting delays, and other techniques that only serve to waste corporate resources and frustrate shareholders' right to vote. We intend only to propose our nominees, meet and discuss our plans and proposals with company shareholders, and campaign based on the facts for the privilege of representing other shareholders on the board of directors. If the company commits to do the same, the disruption and costs associated with the upcoming annual meeting vote can be kept to a minimum."
PERSHING SQUARE'S BOARD NOMINEES --------------------------------
Pershing Square Capital Management, L.P. is an investment advisor to private investment funds with approximately $3 billion in capital under management.
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Pershing Square Capital Management, L.P.
