RICHMOND, Va., Sept. 26 /PRNewswire-FirstCall/ -- CarMax, Inc. (NYSE: KMX)
announced today that its board of directors has elected Thomas G. Stemberg,
founder and executive chairman of Staples, Inc., to membership on the board.
Mr. Stemberg, 54, pioneered the office superstore industry when he opened
the first Staples store in 1986. Mr. Stemberg has been instrumental in
propelling Staples' business growth to the $11-billion industry leader it is
today. He became executive chairman in 2002, responsible for new growth
initiatives, as well as for contributing to overall corporate strategy. Mr.
Stemberg had served as chief executive officer throughout Staples' history
until he became executive chairman.
Mr. Stemberg is a graduate of Harvard and the Harvard Business School. He
joined Jewel's Star Market stores' corporate training program in 1973 and rose
to vice president of sales and merchandising by 1980. He then served in
various senior management positions at First National Supermarkets before
founding Staples.
"Tom is a great addition to our board," said Austin Ligon, president and
chief executive officer. "His experience in identifying a new superstore
category, developing and growing a business to serve it, and establishing
Staples as the unquestioned leader of the category has great relevance for
CarMax."
CarMax is the nation's leading specialty retailer of used cars.
Headquartered in Richmond, Va., CarMax operates 44 used car superstores in 21
markets. CarMax also operates 15 new car franchises, 13 of which are
integrated or co-located with its used car superstores. During the twelve
month period ended August 31, 2003, the company sold 210,143 used vehicles,
which is 91 percent of the total 232,003 vehicles the company sold during that
period. For more information, access the CarMax Web site at www.carmax.com.
(Logo: http://www.newscom.com/cgi-bin/prnh/20011214/CARMAXLOGO )
SOURCE CarMax, Inc.
CONTACT: Investors: Dandy Barrett, Director of Investor Relations,
+1-804-935-4591, or Media: Lisa VanRiper, Director of Public Relations,
+1-804-935-4594, both of CarMax, Inc.