Management ChangeMay 12, 2026, 04:41 PM
CarMax Appoints Keith Barr CEO; Board Refreshment
AI Summary
CarMax announced significant leadership changes, appointing Keith Barr as President and CEO effective March 16, 2026, following the departure of Bill Nash and an interim period with David McCreight. The company also detailed board refreshment, with three new independent director nominees and the new CEO joining the slate, while two long-serving directors are retiring. Shareholders are invited to the virtual annual meeting on June 23, 2026, to vote on director elections, auditor ratification, executive compensation, and an amended stock incentive plan. The company acknowledged a need for change following fiscal 2026 net earnings per diluted share of $1.68, a decrease from the prior year.
Key Highlights
- Keith Barr was appointed President and CEO of CarMax, effective March 16, 2026.
- Bill Nash ceased as CEO and Board member in November 2025, with David McCreight serving as Interim President and CEO until March 2026.
- Thomas J. Folliard was appointed Interim Executive Chair and will resume Non-Executive Chair duties after the annual meeting.
- The Board nominated three new independent directors and CEO Barr, while two current directors, Shira Goodman and Mitchell D. Steenrod, are retiring.
- Shareholders will vote on electing eleven directors at the virtual annual meeting on June 23, 2026.
- Other proposals include ratifying KPMG LLP as the independent auditor and advisory approval of executive compensation.
- Shareholders will also vote on approving the amended and restated CarMax, Inc. 2002 Stock Incentive Plan.
- CarMax reported fiscal 2026 net earnings per diluted share of $1.68, down from $3.21 a year ago.