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March 23, 2018, 7:42 a.m. EDT

Cars.com agrees to add activist investor Starboard's nominees to its board

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By Tomi Kilgore

Cars.com Inc. /zigman2/quotes/210492562/composite CARS -7.54% said Friday it has agreed to appoint activist investor Starboard Value LP's nominees to its board of directors, and expand the size of the board to 11 members from eight. The appointees will be Michael Kelly, chief executive of investment firm Kelly New Ventures and former CEO of The Weather Channel Companies, Bryan Weiner, executive chairman of digital advertising agency 360i and an additional independent director to be agreed upon later. Starboard is the online automotive marketplace's second-largest shareholder with 6.4 million shares, or 8.9% of the shares outstanding, according to FactSet. The stock, which was still inactive in premarket trade, has tacked on 0.9% over the past three months, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -4.42% has slipped 1.5%.

/zigman2/quotes/210492562/composite
US : U.S.: NYSE
$ 8.22
-0.67 -7.54%
Volume: 2.39M
Feb. 27, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$593.51 million
Rev. per Employee
$472,948
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/zigman2/quotes/210599714/realtime
US : S&P US
2,978.76
-137.63 -4.42%
Volume: 3.91B
Feb. 27, 2020 4:15p
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