CarMax, Inc. (NYSE: KMX) announced that Diane Cafritz, Executive Vice President and Chief Innovation and People Officer, will leave the company on December 31, 2026.

Under her severance agreement, Cafritz is eligible to receive 1.5 times her annual base salary. An amendment to the agreement removed the target annual bonus component from that calculation, replacing it with her full-year actual fiscal year 2027 annual bonus, determined under the company's Annual Performance-Based Bonus Plan.

CarMax and Cafritz also entered into a consulting agreement covering a six-month period from January 1, 2027 through June 30, 2027. Under the agreement, Cafritz will provide consulting services to the company and receive total compensation of $360,500, equal to half of her current annual base salary.

The consulting agreement also extends the non-solicitation and non-competition covenants from her severance agreement by an additional six months, bringing the total restriction period to two and a half years from her departure date.