Billionaire activist investor William Ackman yesterday said Automatic Data Processing's stock price could double in the next five years if the human resources outsourcing company cuts costs, streamlines its business and invests in technology upgrades. Ackman's hedge fund Pershing Square Capital Management owns 8.3 per cent of the $50bn (£39bn) company and he is asking for board seats for himself plus two independent directors and considering pushing the board to make leadership changes. "The person who will fix this is the chief executive officer," Ackman said on a conference call which marked his first public discussion of the investment. He ended with suggestions that Carlos Rodriguez, ADP's boss of six years, is the wrong man for the job.
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