Automatic Data Processing Promotes Its President Maria Black To CEO Role; Carlos Rodriguez Became Executive Chair

  • Automatic Data Processing, Inc ADP appointed Maria Black to succeed Carlos Rodriguez as the CEO, effective January 1, 2023
  • Black has been ADP's President since January 2022. Prior to that, she was president of the worldwide sales and marketing of ADP since February 2020.
  • Black will also serve as a director on the company's board.
  • Rodriguez has been the CEO and a member of ADP's board of directors since November 2011.
  • Rodriguez will serve as executive chair of the board. 
  • John P. Jones, the current chair of the board, will assume an independent lead director role on the board, effective January 1, 2023.
  • ADP reported first-quarter FY23 revenue growth of 10% year-on-year to $4.22 billion, beating the consensus of $4.16 billion.
  • Non-GAAP EPS of $1.86 beat the consensus of $1.80.
  • "Our first quarter revenue growth and margin performance exceeded our expectations as we enjoyed continued momentum in new business bookings, pays per control, worksite employee growth, client funds interest revenue, and client revenue retention," said CFO Don McGuire.
  • Price Action: ADP shares traded higher by 0.33% at $238.55 on the last check Wednesday.
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