CarMax Names Keith Barr as Chief Executive Officer

Core Viewpoint - CarMax has appointed Keith Barr as the new President and Chief Executive Officer, effective March 16, 2026, to lead the company through a critical growth phase [1]. Leadership Changes - Keith Barr will take over as CEO, succeeding David McCreight, who will return to his role as an independent Director of the Board [1]. - Tom Folliard will continue as Interim Executive Chair of the Board until the Annual Meeting in June 2026, after which he will resume his role as non-executive Chair [1]. Keith Barr's Background - Keith Barr has over 25 years of executive leadership experience in global hospitality and consumer marketing, most recently serving as CEO of InterContinental Hotels Group (IHG) from 2017 to 2023 [1]. - Under Barr's leadership, IHG expanded its global portfolio and improved operational efficiency, customer satisfaction, and brand loyalty [1]. - Barr has a proven track record in digital transformation and enhancing customer experiences, which aligns with CarMax's goals [1]. CarMax's Market Position - CarMax is the largest retailer of used autos in the U.S., known for its integrity, honesty, and transparency in automotive retail [1]. - In the fiscal year ending February 28, 2025, CarMax sold approximately 790,000 used vehicles and 540,000 wholesale vehicles at auctions [1]. - The company originated over $8 billion in auto loans during fiscal 2025, contributing to a nearly $18 billion portfolio [1]. Future Outlook - Barr emphasized the opportunity in the fragmented used vehicle market, stating that CarMax is well-positioned to meet modern consumer needs through both online and in-person channels [1]. - The company aims to leverage its transparent pricing and extensive inventory to enhance customer value and service [1].