Cars.com Inc. /zigman2/quotes/210492562/composite CARS -7.54% shares ticked higher in the extended session Monday after one the company's largest investors told it to return to growth or face possible management changes. Cars.com shares rose 1.6% after hours, following a 1.4% decline to close the regular session at $23.98. Hedge fund Starboard Value, which owns 9.2% of outstanding shares, told Cars.com in a letter that the company has seen customer losses and revenue declines for nearly two years while operating expenses have risen, all while missing targets. Starboard said that if the business was properly managed it "should easily be able" to achieve about $4 a share of adjusted free cash flow by the end of 2020. "If you believe that the company's true earnings potential is not achievable because recent execution issues will continue in the future, then it is the board's duty to address the source of the problem by making management changes, rather than tolerating results which are unacceptable for shareholders," Starboard said in its letter. Back in March, Cars.com agreed to install members recommended by Starboard to its board.