CarMax CEO To Retire This Year; Company Names Successor

CarMax Inc. said Monday that Bill Nash, who the used car retailer promoted to president effective Feb. 1, will assume the role of Chief Executive when current CEO Tom Folliard retires by the end of the year. Nash was most recently executive vice president of human resources and administrative services since 2012. After Folliard retires, he will serve as non-executive chairman of the board. The company also promoted Cliff Wood to chief operating officer, from EVP of stores. The stock, which was still inactive in premarket trade, has tumbled 25% over the past three months while the S&P 500 has lost 6.7%.