CarMax Names New CFO as Part of Succession Plan
October 24 2019 - 06:47PM
Dow Jones News
By Nina Trentmann
CarMax Inc., the U.S.'s largest retailer of used cars, appointed
a new finance chief as part of its long-term succession plan.
Richmond, Va.-based CarMax said Enrique Mayor-Mora, its
treasurer since 2016, will become senior vice president and chief
financial officer starting Friday. Tom Reedy, who has served as the
company's CFO since 2010 and as executive vice president since
2012, will become executive vice president of finance. Mr.
Mayor-Mora will continue to report to him.
Mr. Mayor-Mora joined CarMax in 2011 as vice president of
finance following previous finance roles at Denny's Corp. and Gap
Inc.
"Succession planning and talent development for all positions
play a key role in our long-term success," Bill Nash, CarMax's
president and CEO, said in a release. "Tom [Reedy] has developed a
strong core finance team and deep bench of talent since becoming
CFO almost 10 years ago."
Mr. Mayor-Mora is expected to help with the company's growth
efforts, Mr. Nash said. CarMax is rolling out an omnichannel
product with which customers can complete a purchase entirely from
home, in store, or a combination of both.
"Enrique is a talented leader who has demonstrated a strong
ability to build and lead teams while collaborating and
communicating effectively with all stakeholders," he said.
The company operates more than 200 stores across the U.S. and
during the last fiscal year sold nearly 750,000 used cars and
450,000 wholesale vehicles at in-store auctions.
Net sales increased 9.1% from a year ago to $5.2 billion in the
company's fiscal second quarter, which ended Aug. 31, while net
earnings rose 5.8% to $233.6 million.
Write to Nina Trentmann at nina.trentmann@wsj.com
(END) Dow Jones Newswires
October 24, 2019 18:32 ET (22:32 GMT)
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