Activist investor Pershing Square Capital Management led by Bill Ackman — which is seeking the election of three of its nominees to the board of ADP (NASD: ADP) — held a conference call today to press its case, saying that the company’s success has caused it to grow lethargic and that it is underperforming its potential.

CNBC reported that Ackman says he has a transformation plan for ADP that will more than double the company’s stock price.

Pershing Square has also set up a website to discuss its efforts at https://adpascending.com. The hedge fund recently targeted ADP, saying it had been slow to adapt to the rapidly evolving marketplace and its market position has been threatened. According to a filing with the US Securities and Exchange Commission, Pershing Square claimed its proposed new board members could improve the quality of the firm’s software and services offerings while reducing operating costs.

The hedge fund’s nominees are:

• Ackman — the founder, CEO and portfolio manager of Pershing Square Capital Management.
• Veronica Hagen — Former CEO of Polymer Group Inc. from 2007 to 2013.
• V. Paul Unruh — Director and chairman of the audit committee at Symantec Corp., and a director and member of the audit and finance committee at executive search firm Heidrick & Struggles International (NASD: HSII) from 2004-2017.

Pershing Square announced earlier this month that it had an 8.3% stake in ADP, a Roseland, NJ-based provider of professional employer organization, payroll and other services.