The activist hedge fund has stated it is willing to work with the existing board to improve its operating margins.
William Ackman’s Pershing Square Capital Management has disclosed, it plans on nominating directors to Automatic Data Processing Inc’s 10 member board.
The hedge fund has clarified the move is not to be seen as an attempt at control the payroll services’ board.
Ackman stated the move underscores Pershing Square’s attempt at improving operating performance at the company through “transformational” change and cost cutting.
He has expressed a willingness to work with the existing management or a new CEO from outside the company to push for those changes.