RICHMOND, Va.--(BUSINESS WIRE)--
CarMax, Inc. (NYSE:KMX) today announced that Tom Folliard retired as
chief executive officer of CarMax, effective August 31, 2016. As part of
this previously reported management succession plan, CarMax’s Board of
Directors elected CarMax president Bill Nash as chief executive officer,
effective today. In addition, the Board elected Mr. Nash to serve as a
director of CarMax. Also effective today, the Board named Mr. Folliard
non-executive chairman of the board and Bill Tiefel lead independent
director.
“Since our initial announcement about the execution of our planned
succession plan, the management transition has gone smoothly and I am
pleased to turn the leadership of the company over to Bill as president
and CEO,” said Mr. Folliard. “I look forward to continuing to support
CarMax as non-executive chairman of the board.”
“I’d like to thank Tom on behalf of all of us for his guidance
throughout his tenure as CEO and for his willingness to continue to
serve the company,” stated Mr. Nash. “Along with our strong management
team and all our dedicated associates, I am very excited to drive the
continued growth and success of our company.”
About CarMax
CarMax is the nation’s largest retailer of used cars and operates more
than 160 stores in 37 states nationwide. CarMax revolutionized the auto
industry by delivering the honest, transparent and high-integrity car
buying experience customers want and deserve. For more than 20
years, CarMax has made car buying more ethical, fair and stress-free by
offering a no-haggle, no-hassle experience and an incredible selection
of vehicles. CarMax makes selling your car easy too, by offering
no-obligation appraisals good for seven days. At CarMax, we’ll buy your
car even if you don’t buy ours®. CarMax has more than 22,000 associates
nationwide and for 12 consecutive years has been named as one of the
FORTUNE 100 Best Companies to Work For®. During the 12 months
ending February 29, 2016, the company retailed 619,936 used cars and
sold 394,437 wholesale vehicles at its in-store auctions. For more
information, access the CarMax website at www.carmax.com.
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Source: CarMax, Inc.