Summary
This 8-K filing from Automatic Data Processing, Inc. (ADP) announces the upcoming departures of two directors, Gregory D. Brenneman and Gregory L. Summe, from the company's Board of Directors. Both directors have decided not to stand for re-election at the upcoming 2014 Annual Meeting of Shareholders and will resign from their positions at that time. Importantly, the company emphasizes that these decisions are not a result of any disagreements with ADP's operations, policies, or practices. Instead, both directors cited the increasing time demands of their other business activities as the reason for their departures. This information is crucial for investors to understand as it relates to board composition and governance, though it appears to be driven by external factors for the departing directors.
Key Highlights
- 1Two directors, Gregory D. Brenneman and Gregory L. Summe, will not seek re-election.
- 2Both directors intend to resign effective as of the 2014 Annual Meeting of Shareholders.
- 3The departures are due to the time demands of their other business activities.
- 4There are no disagreements with the Registrant regarding operations, policies, or practices cited as reasons for departure.
- 5This filing impacts the composition of ADP's Board of Directors.