CarMax (KMX) Announces Completion of CEO Succession Plan

September 1, 2016 4:31 PM EDT

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CarMax, Inc. (NYSE: KMX) 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.”

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