Starboard nominates two to CarMax board, source says
ReutersMar 11, 2026 12:26 AM
NEW YORK, March 10 (Reuters) - Starboard Value has taken a stake in CarMax KMX.N and nominated two directors to its board, urging the used car retailer to improve the digital user experience, cut costs and change its pricing structure, a source familiar with the matter said.
Starboard, one of the industry's busiest activist investors, now owns a roughly $350 million stake in CarMax and nominated Bill Cobb, the CEO of home warranties provider Frontdoor, and Jeffrey Smith, Starboard's founder and chief executive, as directors, the source said.
The news was first reported by Bloomberg.
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