Carlos Rodriquez, CEO of ADP, almost single-handly has set the future of ADP for a questionable and almost certainly very long recovery, if even possible.
Under his "leadership" the stock has declined 40% in just 30 days! (imagine 3 months out)
Clients are extremely upset and leaving in droves. Employees are in fear. The market is tanking.
I guess his fear of being at the helm when ADP went the way of Kodak is slowly coming true.
Doing well has nothing to do with layoffs at ADP.
Who will be affected by the layoffs this round? And I was told PEO is doing well.
@3jqk+147medtb-That's real close. Were you informed early (60 day notice) or just POW?
Good thing-the govt will have unemployment start sooner if no severance funds available to share amongst the masses. Severance isn't mandatory-now we're in a disaster. sad, but Not ADP's fault.
Layoffs are scheduled folks, will happen, late April.
Stock drop is due to Corona. Has nothing to do with business financials.
Stock increase before that was due to crazy inflated markets. Had nothing to do with business financials.
Rather than looking at the stock, consider how ADP performs with reported financials. Overall it's done ok. But huge differences by business. Small business was booming. PEO is a hot mess. Nationals bleeding clients left and right. So they take desperate steps to boost financials and obfuscate internal issues. These include constant layoffs (getting rid of high-comp tenured employees and hiring cheaper unskilled labor at supercenters), constant outsourcing (with good task metrics, but awful client experience), and "technology" focus (cheapest IT people they can get). All of these make for good short term numbers for wall st analysts, and for awful long term results as tenured clients leave and new clients yield little margin.
Stock buy backs and Mr Bill A helped push the stock price to its highs, not performance. Maybe another activist investor will come along again.
Carlos was super quick to claim credit when the stock went up? Did he do all the work? Did he sell the clients? No, but he "claimed" under his guidance stock went up. Only seems fair he should own the responsibility when the stock is down 40%!
Carlos is to blame for a lot of things, but not the stock drop. He didn't engineer the virus.
Stupid, even appalling, mistakes by Carlos in cutting the heart out of ADP's knowledge base and then hiring untrained newbies to service the company's clients without having a clue to new employee learning curves is a new depth of incompetence. ADP is in a world of hurt right now, and Carlos still doesn't seem to get it that what he did and is doing is absolute folly. But that's fine, Carlos is doing well financially and is not obliged to pull ADP out of the fire. Whatever the outcome, win or lose, Carlos still walks away a rich man. Must be nice to have a job where one is not accountable for their actions.