WASHINGTON (dpa-AFX) - CarMax, Inc. (KMX), a used car retailer, Thursday announced that its Chief Executive Officer, Bill Nash is stepping down from his role.
He will be replaced by David McCreight, a current member of the Board of Directors in the interim. Tom Folliard, the current Chair of the Board has been appointed as Interim Executive Chair of the Board as well. These changes will take effect as of December 1.
The company is on the lookout for an executive chief and has availed the services of Russell Reynolds Associates, a professional search firm.
'CarMax is the nation's largest used car retailer because we have built a business that customers trust. We make car buying and selling simple, transparent, and personalized, backed by a beloved brand, unmatched physical and digital infrastructure and an award-winning culture that affirm the potential of this business. However, our recent results do not reflect that potential and change is needed,' said Mr. Folliard. 'The Board has decided that more direct involvement from David and me will help strengthen the business in this transitional period. During this time, we are focused on driving sales, enhancing profitability and reducing cost.'
Further, the company provided a preliminary financial outlook for the third quarter. It expects net earnings to be in the range of $0.18 per share to $0.36 per share. It sees comparable store used unit sales decrease 8 to 12 percent.
CarMax will report its third quarter and fiscal 2026 results on December 18.
In pre-market activity, KMX shares are trading at $36.45, down 10.47% on the New York Stock Exchange.
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