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  "documentTitle": "Automatic Data Processing (ADP) (ADP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2017-08-17 00:00:00",
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  "notes": "The slide uses a custom organizational chart to demonstrate the 'matrix' nature of the company, contrasting hard-line functions with matrixed corporate functions.",
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      "text": "Organizational chart showing Enterprise at the top, various business units, and a separate column for matrixed corporate functions.",
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      "text": "Note: Informed by primary research interviews. Internal divisional segmentation may have changed in recent years. The above represents a complete understanding to the best of our ability. Additionally, we understand certain segments have different names for different functions.",
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      "text": "In Practice, ADP’s BU Presidents Manage Cost-Centers Without True Product Ownership",
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