(Reuters) - Activist investor William Ackman, who has been urging Automatic Data Processing Inc (O:ADP) to cut costs, will meet with the board of the U.S. human resources outsourcing firm next month, a regulatory filing showed on Thursday.
The planned Sept. 5 meeting might give Ackman and ADP a second chance to find common ground following the billionaire investor's call for changes to ADP's board, which the company has rejected.
Ackman, whose hedge fund Pershing Square (NYSE:SQ) Capital Management LP owns an 8.3 percent stake in ADP, has laid out what he sees as ADP's inefficiencies and said the company likely needed a new CEO.
Ackman has also said ADP's stock price could double in the next five years if the company cuts expenses, streamlines its business and invests in technology upgrades.