Richmond, Va. — CarMax, Inc. has made leadership changes to strengthen its business. David McCreight, a member of the board of directors and proven retail business leader and brand strategist, has been named interim president and chief executive officer. Concurrently with McCreight’s appointment, current chair of the board, Tom Folliard, an executive with a 30-year history with CarMax, including as CEO from 2006 to 2016, has been appointed interim executive chair of the board. Current CEO Bill Nash is stepping down from his position and as a member of the board. The changes will be effective on Dec. 1, 2025.
The search to identify a permanent CEO, which had been previously commenced by the board, is being supported by leading professional search firm Russell Reynolds Associates and is being overseen by the Compensation and Personnel Committee, with support from Folliard.
“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,” says 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.”
McCreight has more than 20 years of executive leadership experience at prominent retail brands in highly competitive and fast-paced markets. His leadership experience includes successful brand transformations, new omnichannel strategies and growth initiatives for digitally-native brands. He has served on the CarMax board for 7 years. Previous retail president and CEO experience includes Lulu’s, Urban Outfitters, Inc., Anthropologie, Under Armour and Lands’ End.
Folliard is deeply familiar with CarMax with over 30 years of experience at the company. During his 10 years as CEO, Folliard successfully led CarMax through the company’s establishment as a national brand and a time of significant growth. He joined CarMax in 1993 as senior buyer; he served as president and CEO of CarMax from 2006 to February 2016 and retired as CEO in August 2016.
CarMax, the nation’s largest retailer of used autos, revolutionized the automotive retail industry by driving integrity, honesty and transparency in every interaction. The company offers a truly personalized experience with the option for customers to do as much, or as little, online and in-store as they want. CarMax has more than 250 store locations. For more information, visit www.carmax.com.
SOURCE: CarMax