CarMax Appoints Bill Nash To Succeed Tom Folliard As CEO, Effective Sept. 1

(RTTNews) - CarMax, Inc. (KMX), a retailer of used cars, announced Thursday that its President Bill Nash has been elected as Chief Executive Officer, effective immediately. Nash succeeds Tom Folliard, who has retired as chief executive officer of CarMax, effective August 31.

In addition, the Board elected Nash to serve as a director of CarMax. The Board also named Folliard non-executive chairman of the board and Bill Tiefel lead independent director.

All the appointments are effective Thursday.

Folliard said, "Since our initial announcement about the execution of our planned succession plan, the management transition has gone smoothly and I am pleased to turn the leadership of the company over to Bill as president and CEO. I look forward to continuing to support CarMax as non-executive chairman of the board."