RICHMOND, Va. — Days after eliminating approximately 350 Customer Experience Center jobs nationwide, CarMax has announced leadership changes.
Effective Dec. 1, 2025, current Chief Executive Officer Bill Nash is stepping down from his position and as a member of the board of directors. The news comes just over a month since CarMax announced a decrease in sales as part of its Second Quarter Fiscal Year 2026 Results.
David McCreight, a current member of the board of directors, will serve as interim president and CEO.
“I am honored to serve as the Interim CEO at a critical point in CarMax’s history,” said David McCreight, member of the Board and Interim Chief Executive Officer. “Working with Tom, I am confident we can strengthen CarMax as the Board identifies a permanent CEO to successfully lead CarMax into its next phase of growth.”
Current board of directors chair Tom Folliard has been appointed as interim executive chair of the board.
The search for a new permanent CEO has already started.
“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,” Folliard said. “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. The Board of Directors appreciates Bill’s leadership and contributions to CarMax throughout his more than 30 years with the company."
This is a developing story. Email the CBS 6 Newsroom if you have additional information to share.
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