RICHMOND, Va., Jan 27, 2011 (BUSINESS WIRE) --
CarMax, Inc. (NYSE:KMX) today announced that its board of directors has
elected Rakesh Gangwal and Mitchell D. Steenrod to membership on the
board, bringing its total board membership to 13. Both individuals will
initially serve on the audit committee.
Gangwal, 57, has held several executive roles and directorships at
domestic and foreign companies during his more than 25-year career in
the travel and technology fields. From 2003 to 2007, he was chairman,
president and chief executive officer of Worldspan Technologies, Inc., a
leader in travel technology services for travel suppliers, travel
agencies, e-commerce sites and corporations worldwide. Prior to this,
Gangwal served as chief executive officer of US Airways Group from 1998
to 2001, after a two-year tenure as president and chief operating
officer of US Airways. In addition, he is a co-founder of IndiGo,
India's largest low-fare airline.
Gangwal holds a Masters of Business Administration degree from the
Wharton Business School of the University of Pennsylvania and a Bachelor
of Technology in Mechanical Engineering from the Indian Institute of
Technology in Kanpur, India. He currently serves on the boards of
PetSmart, Inc. and OfficeMax Incorporated, where he is the non-executive
chairman.
Steenrod, 44, has been the senior vice president, chief financial
officer of Pilot Flying J since 2004 and took on the additional role of
chief information officer in 2006. Pilot Flying J, one of the top 10
privately held companies in the United States, is the nation's largest
travel center company, operating more than 500 travel plazas and travel
centers throughout North America. Steenrod joined Pilot Travel Centers
when it was formed in 2001 as a joint venture of Pilot Corporation and
Marathon Ashland Petroleum LLC. Previously, he spent 12 years with
Marathon Oil Company and Marathon Ashland Petroleum in a variety of
positions of increasing responsibility in accounting, general management
and marketing.
Steenrod holds a Masters of Business Administration degree from Bowling
Green State University and a Bachelor of Science in Business
Administration from The Ohio State University. He is a member of the
board of Covenant Health, the largest nonprofit hospital organization in
Tennessee. He also holds board positions with the Knoxville Area Chamber
Partnership and the East Tennessee Foundation.
"We are delighted to have Rakesh and Mitch join the CarMax board," said
Tom Folliard, president and chief executive officer of CarMax. "We are
very fortunate to have the benefit of their unique expertise and are
confident that their many years of experience in their fields will
enhance the depth and strength of our board."
About CarMax
CarMax, a member of the Fortune 500 and the S&P 500,
and one of the Fortune 2011 "100 Best Companies to Work
For," is the nation's largest retailer of used cars. Headquartered in
Richmond, Va., CarMax currently operates 103 used car superstores in 49
markets. The CarMax consumer offer is structured around four customer
benefits: low, no-haggle prices; a broad selection; high quality
vehicles; and customer-friendly service. During the twelve months ended
February 28, 2010, the company retailed 357,129 used cars and sold
197,382 wholesale vehicles at our in-store auctions. For more
information, access the CarMax website at www.carmax.com.
SOURCE: CarMax, Inc.
CarMax, Inc.
Investors and Financial Media:
Katharine Kenny, Vice President, Investor Relations, (804) 935-4591
Celeste Gunter, Manager, Investor Relations, (804) 935-4597
or
General Media:
Laura Donahue, Vice President, Public Affairs, (804) 747-0422, ext. 4434
Trina Lee, Director, Public Relations (804) 747-0422, ext. 4197