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Ackman's Pershing Square says it plans to nominate directors at ADP

Reuters

BOSTON (Reuters) - Billionaire investor William Ackman on Friday said his Pershing Square Capital Management hedge fund plans to nominate directors to, but not try to control, the 10-person board at payroll services company Automatic Data Processing Inc <ADP.O>.

Ackman said he sees an opportunity to improve operating performance at the company through "transformational" change and cost cutting, and that he is willing to work with existing management or a new chief executive from outside the company to push for those changes.

(Reporting by Svea Herbst-Bayliss; Editing by Bill Rigby)