Overview
- Bill Nash will step down on Dec. 1, with board member David McCreight serving as interim president and CEO.
- Former CEO and current chair Tom Folliard has been named interim executive chair to take a more hands-on role during the transition.
- CarMax projected an 8%–12% decline in third-quarter comparable-store used unit sales and earnings of $0.18–$0.36 per share, including about $0.09 in non-recurring costs tied to leadership changes and workforce actions.
- Shares fell roughly 10%–12% after the announcement, capping a year in which the stock has dropped about 50% and drawing a William Blair downgrade.
- The company recently cut about 350 Customer Experience Center jobs and cited weaker retail demand, tougher auto credit, and challenges reselling higher-cost inventory as ongoing pressures, with full results due Dec. 18.