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  "documentTitle": "Automatic Data Processing (ADP) (ADP)",
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  "authorName": "William Ackman",
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  "notes": "The slide uses a table of financial projections to set up a critique of management's incentive structure.",
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      "text": "ADP’s Focus on “Hitting the Numbers” Has Led to Value-Destructive Decisions with Negative Long-Term Consequences",
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      "text": "Total Shareholder Return: 12-14%",
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      "text": "[ADP is] very focused on per share value – short-term oriented. [They] didn’t have a 5 year vision, no strategic focus on ‘where we want to lead in 5 years,’ ‘where we need to invest.’ More about consistent results. Top management is very incentivized by share value, stock option packages.",
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      "text": "“[ADP is] very focused on per share value – short-term oriented. [They] didn’t have a 5 year vision, no strategic focus on ‘where we want to lead in 5 years,’ ‘where we need to invest.’ More about consistent results. Top management is very incentivized by share value, stock option packages.” — Former CEO and COO of [Redacted] ADP Country",
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      "text": "Source: ADP Analyst Day, March 3, 2015.",
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      "text": "ADP Total Shareholder Return Expectations – 2015 Analyst Day",
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