RICHMOND, Va., April 9 /PRNewswire-FirstCall/ -- CarMax, Inc. (NYSE: KMX)
today announced that Richard L. Sharp is retiring as chairman of the board of
directors effective June 26, 2007, the date of our upcoming annual meeting of
shareholders. William R. Tiefel has been elected to serve as the new chairman
of the board, effective upon Mr. Sharp's retirement.
"Rick had the vision to revolutionize the automotive retail industry with
the unique CarMax consumer offer while he was president and chief executive
officer of Circuit City," said Tom Folliard, CarMax president and chief
executive officer. "On behalf of all CarMax associates, let me express our
gratitude to him for the role he played in helping CarMax become the nation's
largest retailer of used cars."
Mr. Sharp, age 60, has been chairman of our board since we separated from
Circuit City Stores, Inc. in 2002. He also served as a director on our board
from 1997 to 1999. Mr. Sharp served as Circuit City's chief executive officer
from 1986 to 2000 and chairman of the Circuit City board from 1994 to 2002.
He is currently the chairman of the board of Crocs, Inc. and a director of
Flextronics International.
Mr. Tiefel, age 73, has served on our board of directors since 2002 and as
our independent lead director since May 2006. He is retired vice-chairman of
Marriott International, Inc. and chairman emeritus of the Ritz-Carlton Hotel
Company, L.L.C. Mr. Tiefel joined Marriott Corporation in 1961, was named
president of Marriott Hotels and Resorts in 1989, president of Marriott
Lodging in 1993 and vice-chairman of Marriott International and chairman of
the Ritz-Carlton hotel company in 1998. He is a director of Bulgari Hotels
and Resorts and Lydian Private Bank.
"Bill's experience in the service industry has been a great benefit to
CarMax," said Folliard. "I have enjoyed working with him closely over the
past year, and I look forward to his continued leadership in the future."
About CarMax
CarMax, a Fortune 500 company and one of the Fortune 2007 "100 Best
Companies to Work For," is the nation's largest retailer of used cars.
Headquartered in Richmond, Va., CarMax currently operates 80 used car
superstores in 38 markets. CarMax also operates seven new car
franchises, all of which are integrated or co-located with its used car
superstores. During the 12 month period ended February 28, 2007, the company
retailed 337,021 used cars, which is 95% of the total 355,584 vehicles the
company retailed during that period. For more information, access the CarMax
website at http://www.carmax.com.
SOURCE CarMax, Inc.
CONTACT: Investors: Katharine Kenny, Assistant Vice President, Investor
Relations, +1-804-935-4591, Celeste Gunter, Manager, Investor Relations,
+1-804-935-4597; Media: Lisa Van Riper, Assistant Vice President, Public
Affairs, +1-804-935-4594, Trina Lee, Public Relations Manager,
+1-804-747-0422, x4197, all of CarMax, Inc.