01—Abstract
Summary
Summary of the 8-K filed April 30, 2025. Cited figures are marked; the original filing is the authoritative source.
ADP announced on April 28, 2025 (disclosed via Form 8-K on April 30, 2025) that Peter J.
Hadley, the company's current Treasurer, will become Chief Financial Officer effective July 1, 2025, succeeding Don McGuire, who has served as CFO since 2021. McGuire will step down from the role June 30, 2025, and remain a corporate officer through September 30, 2025 to support a transition. Hadley will report directly to CEO Maria Black.
This is a planned internal succession rather than a departure driven by problems, and the filing does not disclose any change to guidance, financial results, or strategy. Hadley, 52, joined ADP in 2002 and has held a series of senior finance and operating roles, including CFO of Global Enterprise Solutions and Employer Services International, President of Asia Pacific, and Treasurer since 2022. His background includes prior work at KPMG and Arthur Andersen and he is a qualified Chartered Accountant.
His experience spanning finance and operations, particularly international, is the main point management emphasized in choosing him. The filing lays out Hadley's compensation: a $650,000a base salary, a 150% target bonus tied to performance objectives, and an expected fiscal 2026 equity award of $4,875,000 in PSUs and RSUs.
Severance protections include 18 months of salary continuation and continued vesting on a without-cause termination, and 150%b of total annual compensation plus accelerated vesting if terminated within two years after a change in control. Investors may want to track the first earnings calls under the new CFO for continuity in guidance and capital allocation priorities.
02—Key points
Key Highlights
- ADP named Treasurer Peter J. Hadley (52) as CFO, effective July 1, 2025, succeeding Don McGuire, who has served as CFO since 2021.
- McGuire steps down as CFO on June 30, 2025, and remains a corporate officer through September 30, 2025 to ensure a smooth handover.
- Hadley will report directly to President and CEO Maria Black, and has deep internal experience, including prior CFO roles and leadership of the Asia Pacific business.
- Base salary set at $650,000 with a 150% target annual bonus tied to performance objectives under the Annual Cash Bonus Plan for Officers.
- Expected fiscal 2026 total target equity award of $4,875,000 in performance-based stock units and restricted stock units.
- Severance terms: 18 months of salary continuation, prorated bonus, and continued vesting on a without-cause termination; 150% of total annual compensation and accelerated vesting if terminated within two years after a change in control.
- The filing discloses no changes to financial guidance, results, or strategy; the announcement is a planned leadership transition.
03—Questions
Frequently Asked Questions
Why is ADP changing its CFO?
The filing presents this as a planned succession. Don McGuire, CFO since 2021, is stepping down, and ADP is replacing him with Treasurer Peter Hadley, an internal candidate with long tenure at the company. McGuire will remain available through September 30, 2025 to support the transition. The filing does not cite performance or disagreement as a reason.
Who is Peter Hadley?
Hadley, 52, joined ADP in 2002. He has been Treasurer since 2022, overseeing capital structure, the client funds investment portfolio, global funding, capital markets, investor relations, and corporate insurance. He previously served as President of Asia Pacific (2017 to 2022) and as CFO of Global Enterprise Solutions and Employer Services International. He is a Chartered Accountant and holds a Master of Applied Finance and a Bachelor of Economics from the University of Sydney.
What is Hadley's compensation package?
He receives a $650,000 annual base salary and a target bonus of 150% of salary, paid according to performance against officer bonus objectives. His expected fiscal 2026 target equity award is $4,875,000, delivered as PSUs and RSUs. He is also eligible for the standard executive benefit and retirement programs and is subject to stock ownership guidelines requiring holdings of three times base salary, as well as the company's clawback policy.
What severance protections does Hadley have?
On a termination without cause, he receives 18 months of salary continuation, a prorated bonus, and continued vesting of unvested equity during the 18-month period under the Corporate Officer Severance Plan. Under the Change in Control Severance Plan, a termination without cause or for good reason within two years after a change in control provides 150% of total annual compensation and accelerated vesting of unvested equity.
Does this announcement change ADP's outlook?
The 8-K and press release do not mention any change to ADP's financial guidance, operating results, or strategic direction. The release states that Hadley will focus on sustainable, long-term growth and shareholder value. Investors should watch upcoming earnings calls after July 1, 2025 for how the new CFO frames capital allocation and guidance.
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