Thread regarding ADP layoffs

Carlos Admits plan is failing. (they got rid of the wrong folks!)

Wow, just wow! Carlos admitting in todays SEC filing his plan isn't working. This is verbatim:

"We may not realize or sustain the expected benefits from our business transformation initiatives, and these efforts could have a materially adverse effect on our business, operations, financial condition, results of operations and competitive position"

We have been and will be undertaking certain transformation initiatives, which are designed to streamline our organization, extend our world-class distribution and strengthen our talent and culture, while supporting our revenue growth, margin improvement and productivity. If we do not successfully manage and execute these initiatives, or if they are inadequate or ineffective, we may fail to meet our financial goals and achieve anticipated benefits, improvements may be delayed, not sustained or not realized and our business, operations and competitive position could be adversely affected. These initiatives, or our failure to successfully manage them, could result in unintended consequences or unforeseen costs, including distraction of our management and employees, attrition, inability to attract or retain key personnel, and reduced employee productivity, which could adversely affect our business, financial condition, and results of operations.

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Post ID: @OP+16jVTN5k

17 replies (most recent on top)

Ha Ha Ha!

Carlos proves he is unqualified for his job and absolutely undeserving of any of his compensation!

And it is geting worse for ADP:
1) Large unemployment Numbers
2) Large business closings
3) Slow to stagnant job growth
4) Oh, how about that payroll tax cut - not good for ADP :)
5) Massive client dissatisfaction
6) Servere knowledge loss with layoffs
7) Unqualified new hires working unsupervised from home = huge productivity loss
8) Hedge funds dumping ADP stock
9) Forecasts for next few years are all down by outside analysts
10) And... the technology they are foisting on people does not work and is all show.

More to come...

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Post ID: @5snp+16jVTN5k

Well another big difference is those leaders didn't put thier companies in the hole to start with like Carlos did with ADP. You don't get credit for fixing the disasters you create! nor should you! Carlos is not even remotely in the same league as those two! He is a bush league scrub at best!

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Post ID: @4ehb+16jVTN5k

First rule of holes: When you're in one, stop digging. Trick is what, if anything, he plans to do to turn things around. Or will he stay the course or just eventually bail and use his golden parachute. Somehow, I don't see Carlos up there with the likes of a Jack Welch or Lee Iacocca. They knew what they were doing and how to successfully turn a business around.

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Post ID: @4psy+16jVTN5k

Carlos, come with us. We have a pink piece of paper for you. :)

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Post ID: @2ypd+16jVTN5k

Yep, and it isn't working! Look at the stock. Nuff said!

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Post ID: @1tdx+16jVTN5k

The same risk factor was disclosed in last year's 10k too - this transformation initiative started in like 2016 and they disclosed this effort in the earnings results - promising improved corp performance. The move to offer early retirement and to lay off workers and pay severance packages has a giant price tag that they have to explain and justify. It's therefore a risk - and it's been in the 10k for a few years actually.

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Post ID: @1qng+16jVTN5k

I wouldn't have thunk it a year ago but William Ackman may have been a breath of spirit that Adp needed at the helm.

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Post ID: @uvq+16jVTN5k

Yes I have read a lot of 10k's, 8k's, etc. SEC documents. To suggest "I know posters to this site like to provide disinformation" is pretty disingenious. Fact is that is as the poster indicated copied verbatim from the 10k yesterday, I just checked. Yes, they can list risks and often do. It is certainly up for debate if the (continuing) tranformation initiatives fail, success, benefit or harm ADP. I do know this: from an employee perspective, it has most definitely hurt ADP. From a client perspective, it has hurt ADP. The stock is down from a high of $182 to $136 and I won't get into debating why other than saying IF, and that is a big IF, the layoffs were helping ADP I would expect less of a drop in stock price. And if the are helping, then can you imagine how bad ADP stock price would be without them. Either way, the stock is way off, and that is on the CEO. He has been there nearly 10 years and has not done anything good for ADP. It is time for him to be replaced.

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Post ID: @dup+16jVTN5k

And you forgot: "3) Did your parents come here illegally? YES"

That aside, the CEO is hurting a lot of Americans and I mean A LOT. Thousands and thousands of employees and then extend the ramifications to their families. Pretty disrepectful behavior towards people and the country that welcomed him with open arms. It is time for him to go and the continued hurting to stop!

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Post ID: @aes+16jVTN5k

Like Obama, Carlos has a worldwide vision. He should worry about a corporate position because long term strategies are overrun by the competition within 6 months.....then the "great strategic plan" is antiquated. How did he get his job? Simple....Interview questions...1) are you of Hispanic heritage? YES
2) Do you live in the Miami area? YES Looks like we found our guy!!!!!!!

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Post ID: @jtk+16jVTN5k

Have you ever read a 10k from any company? Every one provides a list of risk factors and has similar statements that outline the risks of failing to execute on their plans and the potential impact of that. I know posters to this site like to provide disinformation, but let's put this into the proper perspective. This statement is no different than statements in every public companies 10k.

That's not saying that ADP isn't at considerable risk of failing, but using a statement out of a 10k to promote that risk is a bit misleading.

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Post ID: @sur+16jVTN5k

Vp’s. With no industry experience. Hired in. They hire a VO for everything. Resulting in tip heavy organization. And these VP’s. Their MO. Is to command service leaders to make things happen. They don’t care how. Or how ludicrous. As long as they get their bonus.

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Post ID: @fuf+16jVTN5k

Service managers being told to figure out
How their teams can finish everything with no OT. And no experience. And penalized if clients complain.

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Post ID: @jjo+16jVTN5k

No Ot allowed. Across the board. More work than employees can handle.

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Post ID: @pxm+16jVTN5k

Absolutely amazing! The sheer stupidity of his decisions, and now, failure on a scale not seen in ADP before. Now he has to admit that there are problems just to try to retain a drop of credibility so that when the sh–s the fan he could claim that "he saw it coming".

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Post ID: @wex+16jVTN5k

He’ll be the CEO through this admission. He will be around for three more years. Mark my words.

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Post ID: @nle+16jVTN5k

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