After serving in the U.S. Army in Korea in the early 1950s and studying business at North Carolina Central University, Walter Smith found a job at the New Jersey-based payroll-services company that would later be known as Automatic Data Processing, or ADP. When he noticed that his take-home pay was reduced by deductions for stock options, he complained to his boss that he couldn’t afford those. The boss gave him a raise, more than making up for the deductions, and assured him the options would pay off in time. In 1964, Mr....

Source: Wall Street Journal November 24, 2017 01:41 UTC