Pershing Square seeks to nominate its slate to Ceridian board

By Lisa Kerner

Charlotte, N.C., Jan. 18 - Pershing Square Capital Management, LP and its affiliates, which collectively own roughly 11.3% of Ceridian Corp.'s outstanding stock, intend to nominate a slate of alternate directors to the company's board by Jan. 23, according to a schedule 13D filed with the Securities and Exchange Commission.

In a letter to the board, Pershing Square maintains that the company has "underperformed and failed to achieve its business potential for more than a decade."

Pershing Square also objects to Ceridian's replacement of its previous chief executive officer and believes the company should spin off its subsidiary, Comdata, to its shareholders.

Ceridian is a Minneapolis-based information services company.

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