new candids!

ADP rejects new board candidates, Ackman fires back

(Reuters) - Automatic Data Processing Inc <ADP.O> on Monday rejected billionaire investor William Ackman’s three proposed board candidates, sparking more criticism from the hedge fund manager who is trying to shake up the human resources outsourcing firm.

The latest salvos from both sides all-but-guarantee a proxy battle that could become one of the season’s bitterest.

Early on Monday, ADP said it would renominate its 10 current directors, rejecting the fund manager’s bid to get board seats for himself and two others at a company where his hedge fund owns an 8.3 percent stake.

Hours later Ackman reacted by saying ADP was too quick to dismiss his ideas and called its board insular.

ADP has held firm in rejecting Ackman since the activist investor unveiled his stake in the company and proposed changes earlier this month.

“We have determined that adding Mr. Ackman’s nominees would not be an improvement,” John Jones, ADP’s non-executive chairman of the board said in a statement. “ADP’s independent board includes the right balance of leadership continuity and fresh perspective, as well as technology, operational and financial expertise, to continue our strong track record of shareholder value creation.”

Ackman shot back that the board barely owns any stock in the company, unlike his hedge fund, which is its biggest shareholder.

“The fact that the board believes that the company’s largest owner with an 8.3 percent stake does not deserve even one board seat speaks to their insularity and lack of shareholder perspective,” Ackman said, adding that the 10-person board currently owns only 0.09 percent of the company’s shares.

Last week Ackman laid out what he sees as ADP’s inefficiencies in a 3-½-hour-long presentation where he said the company’s share price could double within five years if the company were managed better. He suggested a new CEO is likely needed for the job.

Earlier in August, Ackman’s $10.1 billion hedge fund Pershing Square Capital Management nominated three directors, including Ackman, to join the board.

Activist investors like Ackman are demanding more board seats at companies, arguing that directors and management benefit from an investor’s perspective.



(Reporting by Svea Herbst-Bayliss; Editing by Bill Rigby)

ADP rejects new board candidates, Ackman fires back

(Reuters) - Automatic Data Processing Inc (ADP.O) on Monday rejected billionaire investor William Ackman’s three proposed board candidates, sparking more criticism from the hedge fund manager who is trying to shake up the human resources outsourcing firm.

The latest salvos from both sides all-but-guarantee a proxy battle that could become one of the season’s bitterest.

Early on Monday, ADP said it would renominate its 10 current directors, rejecting the fund manager’s bid to get board seats for himself and two others at a company where his hedge fund owns an 8.3 percent stake.

Hours later Ackman reacted by saying ADP was too quick to dismiss his ideas and called its board insular.

ADP has held firm in rejecting Ackman since the activist investor unveiled his stake in the company and proposed changes earlier this month.

“We have determined that adding Mr. Ackman’s nominees would not be an improvement,” John Jones, ADP’s non-executive chairman of the board said in a statement. “ADP’s independent board includes the right balance of leadership continuity and fresh perspective, as well as technology, operational and financial expertise, to continue our strong track record of shareholder value creation.”

Ackman shot back that the board barely owns any stock in the company, unlike his hedge fund, which is its biggest shareholder.

“The fact that the board believes that the company’s largest owner with an 8.3 percent stake does not deserve even one board seat speaks to their insularity and lack of shareholder perspective,” Ackman said, adding that the 10-person board currently owns only 0.09 percent of the company’s shares.

Last week Ackman laid out what he sees as ADP’s inefficiencies in a 3-½-hour-long presentation where he said the company’s share price could double within five years if the company were managed better. He suggested a new CEO is likely needed for the job.

Earlier in August, Ackman’s $10.1 billion hedge fund Pershing Square Capital Management nominated three directors, including Ackman, to join the board.

Activist investors like Ackman are demanding more board seats at companies, arguing that directors and management benefit from an investor’s perspective.

(Reporting by Svea Herbst-Bayliss; Editing by Bill Rigby)

honestly im so ready to all that hype about the lead single and wait for the new album to drop, and to have physical copy of ts6 in my hands, and new photoshoots and new aesthetics, and spend all night awake to see the first concert of the tour, and to spend all my money on taylor again and new candids and stage pics ahhhhh i can’t wait

India's Infosys Faces a Recruitment Headache After CEO's Dramatic Exit

The dramatic departure of Vishal Sikka as chief executive of Infosys, following a months-long public battle with the tech giant’s founders, has left the company with another messy problem: how to find someone willing to replace him.

With the boardroom row still simmering, the pressure will be on to do that fast.

The company’s last CEO hunt in 2014 was a major challenge. Sikka, the eventual choice who was plucked from a top job at SAP , was the first chief appointed from outside the group of founders. His brief was to turn around a faltering business.

Three sources familiar with internal discussions three years ago said they expected an even tougher challenge now.

“It was extremely hard to find an external candidate last time, and the spat is going to make the job even more difficult now,” said one of the sources.

“I think there is very little chance there will be an external candidate.”

The new boss will be taking on a company in better shape than it was in 2014: Sikka has led efforts to diversify Infosys away from basic IT outsourcing services into more lucrative new areas, like cloud, automation and artificial intelligence.

Infosys’ share price surged 22 percent between Aug. 1, 2014, when Sikka took office and Thursday, outperforming the broader Nifty IT index, which gained 6.3 percent in the period.

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But his successor will also join during one of the most turbulent patches ever for the $150 billion Indian IT services sector. The industry is facing squeezed margins, Brexit question marks over European businesses, and uncertainty in the United States, thanks to visa policy changes.

Infosys’ chairman, R Seshasayee, told reporters the company would not look for a major change in culture or strategy and was confident it could still attract talent.

“There may be some people who get excited by these kinds of challenging situations,” said a senior Infosys source. “But anyone who is comfortable and doing well will think long and hard before taking this job.”

The company has not publicly identified potential successors, though the interim chief executive Pravin Rao, CFO Ranganath D Mavinakere, deputy COO Ravi Kumar S and Mohit Joshi, the head of banking, financial and insurance services, are among the top internal candidates, according to the company source.

Staying On

In an unusual move, the board of India’s No. 2 IT services company accepted Sikka’s resignation, but named him executive vice chairman until a replacement was found. Rao reports to him.

The board also blamed Narayana Murthy – one of the company’s co-founders, a heavyweight in Indian business and one of the most vocal critics of the board – for the exit and for undermining his efforts to transform Infosys.

That leaves any successor likely to continue to face a board at odds with powerful minority shareholders: the men who created the company and transformed outsourcing four decades ago.

Infosys and its founder executives, led by Murthy, have been at odds since February. Sore points include increases in Sikka’s salary, what they argue was the overpriced acquisition of the Israeli automation firm Panaya and severance packages offered to some executives.

While the board has consistently backed Sikka publicly, some shareholders like Avinash Vazirani of Jupiter Asset Management say directors have not done enough to build investor confidence.

“I think the question is whether the board enjoys the support of the investors and shareholders,” Vazirani said on an investor call on Friday.

“There has clearly been a failure on the part of the board to get the company in the situation where it is now.”

Infosys’ co-chair, Ravi Venkatesan, told investors on Friday the board would seek to settle the dispute before making permanent changes at the top.

“We will have to find ways to put this decisively to bed, so that by the time we have a couple of viable candidates, there is more stability,” he said.

Yet the abrupt departure of the man seen as an innovator in the global software industry has raised fresh questions over Indian corporate governance practices.

India will be the battleground for many such corporate tussles as companies transition from founder- and owner-led companies to entities run by professional CEOs and boards, said Shriram Subramanian of InGovern, a shareholder advocacy group.

The public row at Infosys is reminiscent of Cyrus Mistry’s unceremonious ouster in November as boss of Tata Group: another professional chief executive exiting over differences with a key shareholder – in that case, the Tata family patriarch, Ratan Tata.

“A belligerent attitude towards the founders of an iconic company will keep friction levels high and the search for an external CEO tough,” Ankur Rudra, an analyst with CLSA, warned in a note.

The Pittsburgh show is almost over which means that another part of the tour is almost over which means that the tour is slowly but surly coming to an end which means that soon enough there will be a final show for Illuminate that will end which means that the era will be over which means that a new era is in the near distant future which means that new music is upon us and new pictures and new candids and new sounds and new everything is coming just because the Pittsburgh show is almost over thank you for your time goodnight

Brooklyn DA candidate appears to blow by contribution limits

Brooklyn DA candidate appears to blow by contribution limits

Corporations are limited to giving an aggregate total of $5,000 per year to all New York candidates, parties and PACs. | Getty

ALBANY — A candidate for Brooklyn district attorney, Patricia Gatling, appears to have accepted campaign contributions that blow past the state’s limits, allowing her to build up a sizable fundraising lead in the Democratic primary campaign to elect a…

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Terengganu Umno keen to avoid repeat of defeat to Pas

KUALA NERUS: Terengganu Umno will not allow a repeat of the 1999 general election results when the Barisan Nasional was nearly whitewashed by the opposition.

“We are ready for the 14th General Election. Our machinery is waiting for the signal and we are confident of a two-thirds majority,“ said state Umno liaison committee chief Datuk Seri Ahmad Razif Abdul Rahman today.

He said the liaison committee has also shortlisted its potential election candidates, who were agreed upon by the state’s eight Umno divisions.

“I will bring the list for further discussions with the party president. I was informed that some state liaison chiefs have met Datuk Seri Najib (Razak),” he said after opening the Kuala Nerus Wanita, Youths and Puteri annual delegates’ meetings.

When asked how many candidates were new, Razif said it was still too early to make any announcements.

“But we are confident of a big win. You can expect BN to wrest some seats lost to the opposition in the 13th General Election,” he added.

While every one has a role to play, he said Wanita Umno members have proven their loyalty and were the “least problematic”.

“Wanita Umno have a clear vision and objective while the Youths need to be realistic, professional and not become exclusive.

“The Youth members must justify their label as the future leaders of Umno,” he added.

Umno Puteri, he said, must not let themselves be intimidated by their opponents.

“Terengganu BN nearly lost in the last general election. It is time to wake up and buck up. Don’t let the loss in the 1999 general election repeat itself.

“Like it or not, we must support the party no matter who is nominated as a candidate. It is about our (BN) survival,” he added.

anonymous asked:

I don't know. Maybe she's trying to "rebrand" herself with new candids so she got rid of any that were her old image. Or maybe people are overthinking it and she just cleaned out old pictures she didn't want on her feed. Who knows.

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