Company Highlights Succession Plan and Executive Promotions
RICHMOND, Va.--(BUSINESS WIRE)--
CarMax, Inc. (NYSE:KMX) today announced that Cliff Wood plans to retire
as executive vice president and chief operating officer by the end of
the summer of 2018 and will be succeeded by Ed Hill, currently CarMax’s
executive vice president, strategy and business transformation.
“Cliff has been instrumental in building CarMax’s industry-leading store
operations,” said Bill Nash, CarMax president and CEO. “He has helped
guide the company successfully through many years of growth and has
built a strong field leadership team. We are incredibly grateful for his
many years of service and contributions to CarMax’s success.” Wood
joined CarMax in 1993 as a buyer at CarMax’s first location in Richmond,
Virginia.
Mr. Hill, 58, was promoted to executive vice president, strategy and
business transformation in 2016. He joined CarMax in 1995 as director of
service operations and progressively advanced to senior vice president,
assuming leadership for CarMax’s corporate strategy in 2012. Prior to
joining CarMax, he served in operational roles for several technology
companies.
“Ed was the driving force behind the development and ongoing enhancement
of our vehicle reconditioning process, one of CarMax’s key competitive
advantages,” said Mr. Nash. “He has been an integral member of the
executive leadership team, and his breadth of experience in operations,
corporate strategy and enterprise change management will be essential
for our future growth.”
CarMax also announced that, effective November 1, 2017, two additional
executives will be promoted. Darren Newberry will be promoted to senior
vice president, store operations, and Joe Wilson will be promoted to
senior vice president, store strategy and logistics.
Mr. Newberry, 48, was promoted to vice president, regional sales, in
2016, responsible for the field sales organization through the 11 CarMax
regions. He joined CarMax in March 2004 as location general
manager-in-training in the Los Angeles region and was promoted to
location general manager of the Duarte, California store in 2006. He was
promoted subsequently to positions of increasing responsibility,
including regional vice president general manager of the Baltimore
region in 2013 and the Los Angeles region in 2014. Prior to joining
CarMax, Mr. Newberry served as store manager and area manager for Bed,
Bath and Beyond from 1994 to 2004. In his new role, he will lead the
field operations for the sales, service and merchandising organizations.
Mr. Wilson, 44, was promoted to vice president, merchandising operations
in 2016. He began his career at CarMax in May 1995 as a
buyer-in-training at the Raleigh, N.C. store, where he was subsequently
promoted to buyer and then senior buyer. Mr. Wilson later served as
purchasing manager at two CarMax stores in southern Florida before being
promoted to regional vice president of merchandising. He was promoted to
assistant vice president, auction services and merchandising development
in 2008 and then vice president, auction services and merchandising
development in 2013. In his new role, he will lead field strategy,
including our auction business, and logistics.
About CarMax
CarMax is the nation’s largest retailer of used cars, currently
operating 180 stores in 39 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 24,000
associates nationwide and for 13 consecutive years has
been named as one of the Fortune 100 Best Companies to
Work For®. During the twelve months ended February 28, 2017,
the company retailed 671,294 used vehicles and sold 391,686 wholesale
vehicles at its in-store auctions. For more information, access the
CarMax website at www.carmax.com.
Forward-Looking Statements
We caution readers that the statements contained in this release about
our future business plans, succession plans, operations, opportunities
or prospects are forward-looking statements made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of
1995. You can identify these forward-looking statements by the use of
words such as “anticipate,” “believe,” “could,” “estimate,” “expect,”
“intend,” “may,” “outlook,” “plan,” “predict,” “should,” “will” and
other similar expressions, whether in the negative or affirmative. Such
forward-looking statements are based upon management’s current knowledge
and assumptions about future events and involve risks and uncertainties
that could cause actual results to differ materially from anticipated
results. Among the factors that could cause actual results and outcomes
to differ materially from those contained in the forward-looking
statements are the following:
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Changes in the competitive landscape and/or our failure to
successfully adjust to such changes.
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Events that damage our reputation or harm the perception of the
quality of our brand.
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Changes in general or regional U.S. economic conditions.
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Changes in the availability or cost of capital and working capital
financing, including changes related to the asset-backed
securitization market.
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Our inability to recruit, develop and retain associates and maintain
positive associate relations.
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The loss of key associates from our store, regional or corporate
management teams or a significant increase in labor costs.
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Security breaches or other events that result in the misappropriation,
loss or other unauthorized disclosure of confidential customer,
associate or corporate information.
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Significant changes in prices of new and used vehicles.
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Changes in economic conditions or other factors that result in greater
credit losses for CAF’s portfolio of auto loan receivables than
anticipated.
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A reduction in the availability of or access to sources of inventory
or a failure to expeditiously liquidate inventory.
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Changes in consumer credit availability provided by our third-party
finance providers.
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Changes in the availability of extended protection plan products from
third-party providers.
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Factors related to the regulatory and legislative environment in which
we operate.
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Factors related to geographic and sales growth, including the
inability to effectively manage our growth.
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The failure of or inability to sufficiently enhance key information
systems.
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The effect of various litigation matters.
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Adverse conditions affecting one or more automotive manufacturers, and
manufacturer recalls.
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The inaccuracy of estimates and assumptions used in the preparation of
our financial statements, or the effect of new accounting requirements
or changes to U.S. generally accepted accounting principles.
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The performance of the third-party vendors we rely on for key
components of our business.
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Factors related to seasonal fluctuations in our business.
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The occurrence of severe weather events.
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Factors related to the geographic concentration of our stores.
For more details on factors that could affect expectations, see our
Annual Report on Form 10-K for the fiscal year ended February 28, 2017,
and our quarterly or current reports as filed with or furnished to the
U.S. Securities and Exchange Commission. Our filings are publicly
available on our investor information home page at investors.carmax.com.
Requests for information may also be made to the Investor Relations
Department by email to investor_relations@carmax.com
or by calling 1-804-747-0422 ext. 4391. We undertake no obligation to
update or revise any forward-looking statements after the date they are
made, whether as a result of new information, future events or otherwise.
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Source: CarMax, Inc.