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AUTOMATIC DATA PROCESSING, INC.

(ADP)
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AUTOMATIC DATA PROCESSING INC : Change in Directors or Principal Officers (form 8-K)

09/14/2021 | 04:08pm EDT

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;

          Appointment of Certain Officers; Compensatory Arrangements of Certain
          Officers.



On September 13, 2021, Kathleen A. Winters, Corporate Vice President and Chief Financial Officer of Automatic Data Processing, Inc. (the "Company"), notified the Company of her decision to retire from the Company, effective as of September 30, 2021. Effective as of October 1, 2021, the Company has appointed Don McGuire to succeed Ms. Winters to the position of Corporate Vice President and Chief Financial Officer reporting to the Chief Executive Officer.

Mr. McGuire, age 61, has been the Company's President, Employer Services International since June 2018. Prior to his appointment as President, Employer Services International, Mr. McGuire held multiple senior leadership roles in key geographies around the globe, including as President, Global Enterprise Solutions EMEA/Streamline from July 2016 to June 2018, as Senior Vice President, General Manager, Asia Pacific Region from December 2012 to June 2016, and as General Manager, ADP United Kingdom/Ireland from September 2007 to December 2012. Mr. McGuire joined the Company in 1998 as Vice President, Finance, ADP Canada and served in various positions of increasing responsibility, including as the Chief Financial Officer for ADP Canada.

The Company is providing Mr. McGuire the following key compensation and benefits:

· An annual base salary of CAD $823,515, equivalent to approximately $650,000 in

USD, based on a current conversion rate (as Mr. McGuire, a Canadian national,

receives his cash compensation in Canadian dollars);

· An annual target bonus of 150% of annual base salary, which will be prorated

   based on service during the fiscal year, with the payout to be calculated based
   on performance against a set of objectives under the Company's Annual Cash
   Bonus Plan for Officers;

· A one-time, time-based restricted stock award with a grant value of $2,100,000

   in USD that will be granted on October 1, 2021, with 50% of the shares vesting
   on the first anniversary of the grant date and the remaining 50% of the shares
   vesting on the second anniversary of the grant date;

· Participation in the long-term incentive compensation program for executives

   consisting of performance-based stock units ("PSUs") and stock options, with an
   expected annual total target equity award value of $3,000,000 in USD for fiscal
   year 2022 reflecting a target PSU award of $1.6 million in USD to be granted on
   October 1, 2021, incremental to Mr. McGuire's pre-existing equity award of $1.4
   million in USD (granted with a mix of 70% PSUs and 30% stock options) made on
   September 1, 2021 in connection with his prior role; and

· Subject to localizing Mr. McGuire in the U.S., participation in all of the

Company's applicable 401(k), executive retirement, deferred compensation,

medical and health, life, accident, disability and other insurance programs,

stock purchase and certain other perquisite and benefit programs on the same

basis as similarly situated senior executives.

In addition, in the event of involuntary termination of Mr. McGuire's employment without cause, he is entitled to 18 months of salary continuation, a prorated bonus and continued vesting in unvested equity awards for the 18-month severance period pursuant to the Company's Corporate Officer Severance Plan. Mr. McGuire is also covered by the Company's Change in Control Severance Plan for Corporate Officers, as amended, so that if his employment is terminated either involuntarily without cause or for "good reason," within two years after a change in control, he would be entitled to receive 150% of his total annual compensation as defined in the plan and the accelerated vesting of unvested equity awards. Mr. McGuire is subject to and currently satisfies the Company's stock ownership guidelines, which require him to have an ownership target in Company stock equal to three times base salary. He is also subject to the Company's Clawback Policy.

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2022 16 020 M - -
Net income 2022 2 799 M - -
Net cash 2022 402 M - -
P/E ratio 2022 32,1x
Yield 2022 1,82%
Capitalization 90 032 M 90 032 M -
EV / Sales 2022 5,59x
EV / Sales 2023 5,25x
Nbr of Employees 56 000
Free-Float 66,2%
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Automatic Data Processing, Inc. Technical Analysis Chart | ADP | US0530151036 | MarketScreener
Technical analysis trends AUTOMATIC DATA PROCESSING, INC.
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Mean consensus HOLD
Number of Analysts 20
Last Close Price 212,98 $
Average target price 209,53 $
Spread / Average Target -1,62%
EPS Revisions
Managers and Directors
Carlos A. Rodriguez President, Chief Executive Officer & Director
Don McGuire Chief Financial Officer & Vice President
John P. Jones Non-Executive Chairman
Donald Weinstein Vice President-Global Product & Technology
Michael Anthony Bonarti Chief Administrative Officer
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