Wednesday, 1 April 2015
Last updated 1 hour ago
May 14 2007 | 2:22pm ET
The battle between Ceridian Corp. and hedge fund Pershing Square Capital Management has cost one Ceridian executive his job.
The business services company has fired Gary Krow, who served as president of Comdata, it’s payment processing unit, accusing him of meeting with and passing information on to Pershing Square, Ceridian’s largest shareholder. The hedge fund has waged a campaign to spin off Comdata and replace its board.
Ironically, Reuters reports it was the very legal proceedings initiated by Pershing Square that tipped them off to Krow’s alleged illicit encounters with the hedge fund. But both Krow and Pershing Square deny any wrongdoing.
“Contrary to the statements made by Ceridian today, I have not violated the company’s code of conduct or held unauthorized discussions with or provided confidential information to Pershing Square Capital or other third parties,” Krow said in a statement e-mailed to Reuters. “I am confident our shareholders and the courts will agree.”
Pershing said it met with Krow in January, but said in a statement “at no time during the meeting did Mr. Krow or his representatives disclose confidential company information to Pershing or its representatives concerning Ceridian, Comdata or any of their affiliates.”
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…