On November 6, 2024, Automatic Data Processing, Inc. (ADP) filed a Form 8-K with the Securities and Exchange Commission, disclosing upcoming changes in its executive team. As per the filing, John C. Ayala, the Chief Operating Officer, will step down from his position effective January 1, 2025, and will continue to serve as a corporate officer during a transition period until March 31, 2025.
In light of Ayala’s departure, ADP announced that Joseph DeSilva, currently serving as President, Global Sales, will assume the role of Executive Vice President, North America, and Chief of Operations, effective January 1, 2025. Along with this new role, DeSilva’s base salary is set to increase by 6.2%, and his annual target bonus will rise from 100% to 150% of his base salary.
At the time of this report, ADP’s Common Stock with a $0.10 Par Value (voting) trades on the NASDAQ Global Select Market under the ticker symbol ADP. The company clarified that Ayala’s departure does not signify any disagreement or issues with ADP’s operations, policies, or practices.
The Form 8-K filing further detailed the compliance with SEC regulations regarding the departure of directors or certain officers, election of directors, appointment of officers, and compensatory arrangements. The requisite documentation was signed by Michael A. Bonarti, Vice President of Automatic Data Processing, Inc., on November 8, 2024.
Investors and stakeholders in ADP will be keenly observing the impact of these executive changes as the company navigates towards its upcoming transitions and growth strategies.
This communication is neither an offer to sell nor a solicitation of an offer to buy shares of the Fund. Please consider reading the Fund’s most recent periodic reports and other regulatory filings for a comprehensive understanding before making any investment decisions.
This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Automatic Data Processing’s 8K filing here.
About Automatic Data Processing
Automatic Data Processing, Inc provides cloud-based human capital management solutions worldwide. It operates in two segments, Employer Services and Professional Employer Organization (PEO). The Employer Services segment offers strategic, cloud-based platforms, and human resources (HR) outsourcing solutions.
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