CarMax ousts CEO as stock crashes to 13-year lows amid weak earnings
CarMax is facing a turbulent period after removing its long-serving CEO, Bill Nash, in September. The used car retailer’s stock has plunged over 50% this year, hitting a 13-year low following weak second-quarter results. Investors are now looking to interim leaders to steady the business and restore confidence.
The board ousted Nash shortly after the Q2 earnings report, signalling the need for immediate change. His departure left the company under interim leadership, with David McCreight stepping in as interim CEO and Tom Folliard taking on the role of interim executive chair. Their priority is to stabilise operations and reassure shareholders ahead of the upcoming Q3 results, which will be key in outlining a recovery strategy.
The road ahead for CarMax depends on its ability to address affordability challenges and improve financial performance. Interim leaders must deliver a clear plan in the Q3 results to rebuild investor trust. With shares near multi-year lows, the company’s next moves will be closely watched by the market.
