CarMax Announces CFO Transition
25 October 2019 - 7:30AM
Business Wire
CarMax, Inc. (NYSE:KMX), the nation’s largest retailer of used
cars, today announced, as part of a long-term planning process, its
CFO transition. Enrique Mayor-Mora, who has served as CarMax’s
treasurer since 2016, will be promoted to senior vice president and
CFO. Tom Reedy, who has served as CFO since 2010 and as executive
vice president since 2012, will become executive vice president of
finance. Mayor-Mora will continue to report to Reedy.
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Enrique Mayor-Mora, Senior Vice President
and CFO of CarMax (Photo: Business Wire)
“We are excited to announce the promotion of Enrique Mayor-Mora
to senior vice president and CFO,” said Bill Nash, president and
CEO. “Enrique is a talented leader who has demonstrated a strong
ability to build and lead teams while collaborating and
communicating effectively with all stakeholders. We look forward to
Enrique’s leadership as our new CFO as we continue to grow our
business.”
Mayor-Mora, 51, has extensive experience in strategic and
financial planning, treasury, expansion planning and analysis, risk
management and investor relations. He joined CarMax in 2011 as vice
president of finance and in 2016 moved into the treasurer role.
Prior to joining CarMax, he served as vice president of financial
planning and analysis and investor relations at Denny’s Corporation
from 2005 to 2011. He also served in financial positions of
increasing responsibility at Gap, Inc. from 2001 to 2005.
Mayor-Mora received his Bachelor of Arts in Economics from
McGill University and his MBA from the Richard Ivey School of
Business at the University of Western Ontario.
“Succession planning and talent development for all positions
play a key role in our long-term success,” continued Nash. “Tom has
developed a strong core finance team and a deep bench of talent
since becoming CFO almost 10 years ago, which has allowed him to
take on responsibilities beyond finance. This transition enables
Tom to focus on our highest priority strategic initiatives and
explore new growth opportunities, while at the same time maximizing
the talents of our other financial leaders.”
The Company noted that Mayor-Mora will assume responsibilities
for Accounting, Tax, Treasury, Expansion Planning and Analysis,
Financial Planning and Internal Audit functions. Reedy will
continue to oversee the CarMax Auto Finance, Financial Services and
Products, Investor Relations, Store Delivery and Support Systems,
and Real Estate teams.
About CarMax
CarMax, the nation’s largest retailer of used cars,
revolutionized the automotive retail industry by driving integrity,
honesty and transparency in every interaction. CarMax continues to
innovate and is currently rolling out an omni-channel experience,
providing customers the option to complete transactions entirely
from home, in store, or in a seamless combination of both. CarMax
has more than 200 stores nationwide, and during the latest fiscal
year sold nearly 750,000 used cars and 450,000 wholesale vehicles
at its in-store auctions. With more than 25,000 associates, CarMax
is proud to have been recognized for 15 consecutive years as one of
the Fortune 100 Best Companies to Work For®. For more
information, visit www.carmax.com.
Forward-Looking
Statements
We caution readers that the statements contained in this release
about our future business 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:
- Changes in the competitive landscape and/or our failure to
successfully adjust to such changes.
- Events that damage our reputation or harm the perception of the
quality of our brand.
- Changes in general or regional U.S. economic conditions.
- Our inability to realize the benefits associated with our
omni-channel initiatives.
- Changes in the availability or cost of capital and working
capital financing, including changes related to the asset-backed
securitization market.
- Our inability to recruit, develop and retain associates and
maintain positive associate relations.
- The loss of key associates from our store, regional or
corporate management teams or a significant increase in labor
costs.
- Security breaches or other events that result in the
misappropriation, loss or other unauthorized disclosure of
confidential customer, associate or corporate information.
- Significant changes in prices of new and used vehicles.
- Changes in economic conditions or other factors that result in
greater credit losses for CAF’s portfolio of auto loan receivables
than anticipated.
- A reduction in the availability of or access to sources of
inventory or a failure to expeditiously liquidate inventory.
- Changes in consumer credit availability provided by our
third-party finance providers.
- Changes in the availability of extended protection plan
products from third-party providers.
- Factors related to the regulatory and legislative environment
in which we operate.
- Factors related to geographic and sales growth, including the
inability to effectively manage our growth.
- The failure of or inability to sufficiently enhance key
information systems.
- The effect of various litigation matters.
- Adverse conditions affecting one or more automotive
manufacturers, and manufacturer recalls.
- 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.
- The volatility in the market price for our common stock.
- The performance of the third-party vendors we rely on for key
components of our business.
- Factors related to seasonal fluctuations in our business.
- The occurrence of severe weather events.
- 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, 2019, 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 (804) 747-0422 x7865.
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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version on businesswire.com: https://www.businesswire.com/news/home/20191024005927/en/
Investors: Stacy Frole investor_relations@carmax.com, (804)
747-0422 ext. 7865
Media: pr@carmax.com, (855) 887-2915
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