US EditionCarMax Orders Employees Back to Office; Terminates CEO
CarMax’s shares dropped 24%, marking the lowest since 2012, amid an 8% to 12% unit sales decline and leadership changes to address ongoing business challenges.
- On Thursday, CarMax announced the unexpected departure of CEO Bill Nash, prompting shares to fall more than 10% in premarket trading amid a 50% stock decline this year.
- After mid-2022 price cuts, CarMax Inc. reported weaker results as used-vehicle CPI showed a 10% decline, forcing revenue and profit shrinkage.
- The board appointed David McCreight as interim CEO and named Tom Folliard interim executive chair, with changes effective Dec. 1 focusing on sales, profitability, and cost reduction.
- CarMax Inc. warned of lower revenue and earnings including an 8% to 12% unit sales decline, a 9-cent charge per share and layoffs, while Carvana gained 52% this year.
- The decline puts CarMax Inc. in a group of deeply damaged stocks with an 80% decline from November 2021 peak as peers Vroom and Shift Technologies filed bankruptcy; CarMax's dynamic pricing drew scrutiny.
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18 Articles
CarMax orders employees back to office; terminates CEO
RICHMOND, Va. -- Days after laying off hundreds of employees amid a declining stock price and faltering earnings, CarMax is now making a big change at the top of its c-suite. The Goochland-based used car giant on Thursday said it terminated President and CEO Bill Nash, effective Dec. 1. Nash has led the Fortune 500 company since 2016 and has worked at CarMax for nearly 30 years. Hell also relinquish his seat on the companys board of directors as…
Investment Manager Dips Back Into Used Vehicle Retailer, According to Recent Filing
Key PointsBought 84,086 CarMax sharesPost-trade stake: 406,657 shares valued at $18.25 millionCarMax now represents 2.1% of fund AUMThese 10 stocks could mint the next wave of millionaires › Eubel Brady & Suttman Asset Management reported a purchase of 84,086 shares of CarMax (NYSE:KMX)on its November 6, 2025, SEC filing.What HappenedAccording to a November 6, 2025, SEC filing, The firm increased its holdings in CarMax by 84,086 shares during Q3…
Richmond-based CarMax says CEO is stepping down, appoints interim leadership
GOOCHLAND COUNTY, Va. (WRIC) — CarMax, the used car retailer headquartered in the metro Richmond area, announced Thursday that its chief executive officer (CEO) is stepping down next month after more than 30 years with the company. According to the release, current CEO Bill Nash will leave his position and the CarMax board of directors on Monday, Dec. 1. The company -- whose headquarters is located in Goochland County -- said board member David …
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