Richmond-based CarMax appoints Keith Barr as new CEO

GOOCHLAND, Va. (WRIC) -- CarMax, Inc. which is based in the Richmond area, announced on Thursday that Keith Barr was appointed as President and CEO, effective in mid-March.

On Thursday, Feb. 12, CarMax announced that it named Barr as its CEO, effective March 16.

CarMax is based in the Richmond region, with its headquarters located in Goochland County.

Barr reportedly has more than 25 years of executive leadership experience in global hospitality, consumer marketing, and brand growth.

The leadership change comes after a November announcement that CEO Bill Nash will leave his position and the CarMax board of directors on Monday, Dec. 1.

The change also follows layoffs of more than 230 employees, including 113 in the Richmond area in January.

CarMax said that David McCreight, current interim President and CEO of CarMax, will transition to his prior duties as an independent Director of the Board.

Tom Folliard will reportedly remain in his role as interim executive chair of the Board until CarMax's annual meeting in June, after which the company said he is expected to resume his prior role as non-executive chair of the Board.

"Mr. Barr is a proven leader who has driven transformational growth and operational excellence across large-scale, consumer-centric businesses," a CarMax spokesperson said, in part, in the announcement. "Most recently, he served as Chief Executive Officer at InterContinental Hotels Group (NYSE: IHG), where he led one of the world's largest hospitality companies with 345,000 people working across more than 6,000 properties in over 100 countries. During his tenure, Mr. Barr reimagined IHG’s customer experience, modernized IHG's technology to support large-scale growth, and delivered substantial improvements in operational efficiency, customer satisfaction, and brand loyalty."

“I am honored to join CarMax and lead this iconic organization alongside our talented associates,” Barr said. “A car is one of the most important purchases American families make, and today’s consumer is increasingly seeking value and a customized shopping experience. I believe the large and highly fragmented used vehicle market is only in the early innings of meeting the needs of the modern consumer. CarMax is uniquely positioned to capture this opportunity by delivering the best value and service across both in-person and online channels, leveraging its transparent pricing, extensive inventory, and flexibility to shop however customers prefer. I'm excited to lead this great company into its next chapter of growth, building on more than three decades of market leadership.”