CarMax Announces Leadership Changes

Leadership Changes - CarMax has announced leadership changes to strengthen its business, appointing David McCreight as Interim President and CEO, while Tom Folliard becomes Interim Executive Chair of the Board [1][5] - Bill Nash, the current CEO, is stepping down from his position and the Board [1] Search for Permanent CEO - The search for a permanent CEO is underway, supported by Russell Reynolds Associates and overseen by the Compensation and Personnel Committee [2] Financial Outlook - CarMax provided a preliminary financial outlook for the third fiscal quarter ending November 30, 2025, indicating a decrease in comparable store used unit sales by 8%-12% [6] - Net earnings per diluted share are expected to be between $0.18 and $0.36, which includes $0.09 of non-recurring expenses related to the leadership change and workforce reductions [6] - The company anticipates an increase in marketing spend year-over-year to support a new brand positioning launch [7] Company Background - CarMax is the largest retailer of used autos in the U.S., having sold approximately 790,000 used vehicles and 540,000 wholesale vehicles during the fiscal year ending February 28, 2025 [13] - The company originated over $8 billion in auto loans during fiscal 2025, contributing to a nearly $18 billion portfolio [13]