CarMax Appoints Keith Barr as New CEO
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 6 days ago
0mins
CarMax (KMX) announced that Keith Barr has been appointed President and CEO, and a member of the Board of Directors, effective March 16. 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 remain in his role as Interim Executive Chair of the Board until the company's Annual Meeting in June, after which he is expected to resume his prior duties as non-executive Chair of the Board. Barr most recently served as CEO at InterContinental Hotels Group (IHG) from 2017 to 2023. He joined IHG in 2000. Prior to joining IHG, Mr. Barr held several senior positions at Bristol Hotels and Resorts, which was acquired by IHG in 2000. Barr also currently serves on the Board of Directors at MGM Resorts.
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Analyst Views on KMX
Wall Street analysts forecast KMX stock price to fall
13 Analyst Rating
0 Buy
10 Hold
3 Sell
Hold
Current: 42.250
Low
24.00
Averages
33.60
High
37.00
Current: 42.250
Low
24.00
Averages
33.60
High
37.00
About KMX
CarMax, Inc. is a retailer of used autos. The Company operates through two segments: CarMax Sales Operations and CarMax Auto Finance (CAF). The CarMax Sales Operations segment consists of all aspects of its auto merchandising and service operations. The CarMax Sales Operations segment sells used vehicles, purchases used vehicles from customers and other sources, sells related products and services, and arranges financing options for customers. The CAF segment consists solely of its own finance operation that provides financing for customers buying retail vehicles from the Company. The CAF segment also services all auto loans, it originates and is responsible for providing billing statements, collecting payments, maintaining contact with delinquent customers, and arranging for the repossession of vehicles securing defaulted loans. It provides customers with a range of other related products and services, including extended protection plan (EPP) products and vehicle repair services.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Wall Street Analysts Adjust Ratings on Key Stocks
- Analyst Rating Changes: Top Wall Street analysts have adjusted their ratings on several stocks, reflecting varying market perspectives on these companies' futures, which could influence investor decisions and market trends.
- Upgrades and Downgrades: Specific rating changes include both upgrades and downgrades for certain stocks, which may lead to short-term volatility in the respective stocks, prompting investors to pay close attention.
- Market Reaction Expectations: Analyst rating adjustments typically trigger immediate market reactions, as investors may reassess their portfolios based on this information, thereby impacting overall market sentiment.
- Further Information Access: For a complete view of all analyst rating changes, including upgrades and downgrades, it is recommended to visit our analyst ratings page to stay updated on the latest market dynamics and professional insights.
See More
CarMax's CEO Change Sparks 12% Stock Drop
- CEO Transition Impact: CarMax's announcement of replacing interim CEO David McCreight with Keith Barr resulted in a 12% drop in stock price during midday trading, reflecting strong investor dissatisfaction with the leadership change.
- Leadership Background: New CEO Barr, coming from the hotel industry, is described by CarMax as a 'proven leader' capable of driving transformational growth and operational excellence; however, his non-automotive background may raise concerns among investors.
- Sales Decline Challenge: With three consecutive years of declining sales, the board seems to believe a transformation is necessary to improve the company's image, yet investors are worried this may signal a poor self-image and could affect future market confidence.
- Market Expectations: Despite CarMax's market capitalization of $5.9 billion and a price-to-earnings ratio below 13, analysts predict only a 7% growth rate over the next five years, indicating a lack of optimism regarding the company's recovery prospects.
See More
CarMax Appoints New CEO to Navigate Turnaround
- New CEO Appointment: CarMax has named Keith Barr as its new CEO, effective March 16, tasked with leading the company through its turnaround plan amid declining demand.
- Declining Market Demand: The company struggles to resell cars purchased at higher prices as inflation makes consumers more cash-conscious, prompting layoffs and other initiatives to mitigate lower demand and margin pressures.
- Leadership Changes: Former CEO Bill Nash stepped down in November, and CarMax is undergoing a broader leadership shake-up, with interim CEO David McCreight emphasizing the need for change within the organization.
- Industry Context Challenges: With consumers holding onto their older cars longer, CarMax must adapt its business model to align with this trend, ensuring sustainable growth in a shifting market landscape.
See More
CarMax Appoints New CEO, Strategic Shift Ahead
- New CEO Appointment: CarMax announced that Keith Barr will become president and CEO effective March 16, 2026, bringing over 25 years of executive leadership experience, including his recent role as CEO of InterContinental Hotels Group, which is expected to introduce fresh strategic insights into the company.
- Interim Leadership Transition: Current interim president and CEO David McCreight will return to his role as an independent board member, indicating the company's focus on stability and effective management during this transitional period.
- Board Structure Changes: Tom Folliard will remain interim executive chair until the annual meeting in June 2026, after which he is expected to resume his role as non-executive chair, ensuring continuity in corporate governance during this leadership transition.
- Market Reaction Monitoring: CarMax faces market challenges, including a downgrade to a “Sell” rating, reflecting concerns over its valuation, and Barr's appointment may influence investor confidence and drive future strategic adjustments.
See More
CarMax Appoints New CEO Without Automotive Background.
- New Leadership: CarMax is appointing a CEO from outside the auto industry.
- Turnaround Strategy: The new CEO is expected to help initiate a turnaround for the company.
See More
CarMax Recognized as One of America's Most Iconic Companies
- Industry Benchmark Recognition: CarMax has been named one of America's Most Iconic Companies by TIME Magazine, highlighting its leadership in the automotive retail sector and further solidifying its position as the nation's largest used car retailer.
- Customer Experience Innovation: By introducing a 'no-haggle' pricing model, CarMax has transformed the car buying experience, enhancing customer satisfaction and brand loyalty, which has driven the company's sustained growth over the past three decades.
- Market Influence: The selection was based on an independent survey of over 10,000 U.S. consumers, emphasizing CarMax's outstanding performance in brand recognition, cultural influence, and emotional connection, thereby enhancing its market image.
- Commitment to Continuous Development: With 255 stores and over 28,000 associates, CarMax has been recognized as one of the Fortune 100 Best Companies to Work For® for 21 consecutive years, demonstrating its ongoing commitment to employee satisfaction and corporate culture.
See More
Wall Street Analysts Adjust Ratings on Key Stocks
- Analyst Rating Changes: Top Wall Street analysts have adjusted their ratings on several stocks, reflecting varying market perspectives on these companies' futures, which could influence investor decisions and market trends.
- Upgrades and Downgrades: Specific rating changes include both upgrades and downgrades for certain stocks, which may lead to short-term volatility in the respective stocks, prompting investors to pay close attention.
- Market Reaction Expectations: Analyst rating adjustments typically trigger immediate market reactions, as investors may reassess their portfolios based on this information, thereby impacting overall market sentiment.
- Further Information Access: For a complete view of all analyst rating changes, including upgrades and downgrades, it is recommended to visit our analyst ratings page to stay updated on the latest market dynamics and professional insights.
See More
CarMax's CEO Change Sparks 12% Stock Drop
- CEO Transition Impact: CarMax's announcement of replacing interim CEO David McCreight with Keith Barr resulted in a 12% drop in stock price during midday trading, reflecting strong investor dissatisfaction with the leadership change.
- Leadership Background: New CEO Barr, coming from the hotel industry, is described by CarMax as a 'proven leader' capable of driving transformational growth and operational excellence; however, his non-automotive background may raise concerns among investors.
- Sales Decline Challenge: With three consecutive years of declining sales, the board seems to believe a transformation is necessary to improve the company's image, yet investors are worried this may signal a poor self-image and could affect future market confidence.
- Market Expectations: Despite CarMax's market capitalization of $5.9 billion and a price-to-earnings ratio below 13, analysts predict only a 7% growth rate over the next five years, indicating a lack of optimism regarding the company's recovery prospects.
See More
CarMax Appoints New CEO to Navigate Turnaround
- New CEO Appointment: CarMax has named Keith Barr as its new CEO, effective March 16, tasked with leading the company through its turnaround plan amid declining demand.
- Declining Market Demand: The company struggles to resell cars purchased at higher prices as inflation makes consumers more cash-conscious, prompting layoffs and other initiatives to mitigate lower demand and margin pressures.
- Leadership Changes: Former CEO Bill Nash stepped down in November, and CarMax is undergoing a broader leadership shake-up, with interim CEO David McCreight emphasizing the need for change within the organization.
- Industry Context Challenges: With consumers holding onto their older cars longer, CarMax must adapt its business model to align with this trend, ensuring sustainable growth in a shifting market landscape.
See More
CarMax Appoints New CEO, Strategic Shift Ahead
- New CEO Appointment: CarMax announced that Keith Barr will become president and CEO effective March 16, 2026, bringing over 25 years of executive leadership experience, including his recent role as CEO of InterContinental Hotels Group, which is expected to introduce fresh strategic insights into the company.
- Interim Leadership Transition: Current interim president and CEO David McCreight will return to his role as an independent board member, indicating the company's focus on stability and effective management during this transitional period.
- Board Structure Changes: Tom Folliard will remain interim executive chair until the annual meeting in June 2026, after which he is expected to resume his role as non-executive chair, ensuring continuity in corporate governance during this leadership transition.
- Market Reaction Monitoring: CarMax faces market challenges, including a downgrade to a “Sell” rating, reflecting concerns over its valuation, and Barr's appointment may influence investor confidence and drive future strategic adjustments.
See More
CarMax Appoints New CEO Without Automotive Background.
- New Leadership: CarMax is appointing a CEO from outside the auto industry.
- Turnaround Strategy: The new CEO is expected to help initiate a turnaround for the company.
See More
CarMax Recognized as One of America's Most Iconic Companies
- Industry Benchmark Recognition: CarMax has been named one of America's Most Iconic Companies by TIME Magazine, highlighting its leadership in the automotive retail sector and further solidifying its position as the nation's largest used car retailer.
- Customer Experience Innovation: By introducing a 'no-haggle' pricing model, CarMax has transformed the car buying experience, enhancing customer satisfaction and brand loyalty, which has driven the company's sustained growth over the past three decades.
- Market Influence: The selection was based on an independent survey of over 10,000 U.S. consumers, emphasizing CarMax's outstanding performance in brand recognition, cultural influence, and emotional connection, thereby enhancing its market image.
- Commitment to Continuous Development: With 255 stores and over 28,000 associates, CarMax has been recognized as one of the Fortune 100 Best Companies to Work For® for 21 consecutive years, demonstrating its ongoing commitment to employee satisfaction and corporate culture.
See More
