Richmond-based CarMax says CEO is stepping down, appoints interim leadership

RICHMOND, Va. (WRIC) — CarMax, the used car retailer headquartered in Richmond, 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 said board member David McCreight, a "proven retail business leader and brand strategist" with more than 20 years of leadership experience, will step in as interim president and CEO.

Board Chair and former CEO Tom Folliard has also been appointed interim executive chair as CarMax continues its search for a permanent CEO, the company said.

"The Board has decided that more direct involvement from [McCreight] 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,” Folliard said.

The leadership changes come after CarMax laid off more than 350 positions on its Customer Experience Center team across the country in late October. This includes 25 positions in the Richmond area, the company said in an Oct. 29 statement to 8News.

"We are providing support to the associates who are impacted, including offering severance, career support services, and the opportunity to apply for open internal roles," the statement reads.

CarMax's most recent fiscal report for the second quarter of 2025 shows the company is seeing a decrease across several fronts — including in unit sales, unit purchases and net earnings per diluted share.

The decreases are in comparison to the previous year's second quarter.