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)

Copyright (c) 2019 Dow Jones & Company, Inc.
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