Cars.com Strikes Deal With Starboard To Expand Board To 11 - Quick Facts

(RTTNews) - Online automotive marketplace Cars.com, Inc. (CARS) announced Friday its Board of Directors will appoint Michael Kelly, Bryan Wiener and an additional independent director, to be mutually agreed upon with Starboard Value LP, to the Board promptly following the Company's 2018 Annual Meeting of Stockholders.

With the addition of these directors, the Board will comprise 11 directors, 10 of whom are independent.

Starboard will now support Cars.com's full slate of directors at the Annual Meeting and abide by customary standstill provisions and voting commitments.

Kelly is the Co-Founder and CEO of investment firm Kelly Newman Ventures, and Wiener has served as the Executive Chairman of advertising agency 360i since February 2014.

J.P. Morgan is serving as financial advisor and Latham & Watkins LLP is serving as legal advisor to Cars.com.