CarMax Appoints Ex-IHG Chief Keith Barr as CEO Effective March 16 After 50% Market Value Drop
CarMax named Keith Barr president and CEO effective March 16, replacing William Nash after the company’s market value plunged over 50% in a year due to lagging sales. Barr’s digital overhaul track record at InterContinental Hotels Group will drive technology upgrades and operational improvements under interim chair Tom Folliard.
1. Appointment and Predecessor
On February 12, CarMax named Keith Barr president and CEO effective March 16, replacing William Nash, who was terminated in November after the company’s market value plunged over 50% in 12 months following lagging sales.
2. CEO Background and Turnaround Strategy
Barr, who stepped down from InterContinental Hotels Group in 2023 after leading a digital overhaul focused on technology upgrades and customer-experience enhancements, is tasked with modernizing CarMax’s online platform, streamlining operations and driving growth.
3. Governance and Timeline
Tom Folliard will remain interim executive chair through the June 2026 annual meeting and then return to non-executive chair. The board expects Barr’s brand-building and digital expertise to stabilize performance and rebuild market confidence.