CarMax Completes Executive Succession
02 September 2016 - 6:30AM
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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version on businesswire.com: http://www.businesswire.com/news/home/20160901006346/en/
Investors:Katharine Kenny, Vice President, Investor Relations,
(804) 935-4591Celeste Gunter, Manager, Investor Relations, (804)
935-4597orMedia:pr@carmax.com, (855) 887-2915
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