CarMax says Starboard agrees to withdraw director nominations

CarMax (KMX) announced that it intends to add William “Bill” Cobb and Jim Kessler as new directors to the Company’s Board of Directors, in connection with the Company’s 2026 Annual Meeting of Shareholders. “The addition of Bill and Jim brings valuable auto industry and consumer expertise to the Board,” said Tom Folliard, Interim Executive Chair of the Board. “The Board is committed to regular refreshment, and we believe these additions will strengthen the experience of our Board and support long-term value creation for our shareholders.” “As I begin my own tenure at CarMax, I am excited to be joined on the Board by Bill and Jim,” said Keith Barr, President and Chief Executive Officer. “I see tremendous potential in this business, and the expertise of our new Board members will be a valuable asset as CarMax enters our next chapter.” “We invested in CarMax because we believe the Company has a superior value proposition that should be delivering stronger performance,” said Jeff Smith, Managing Member, Chief Executive Officer, and Chief Investment Officer of Starboard Value LP. “Today’s announcement adds two highly capable individuals to the Board in Bill and Jim. We are confident that the refreshed Board in conjunction with Keith as CarMax’s new CEO can drive substantial value creation.” Given constructive engagement and the additions of Mr. Cobb and Mr. Kessler, Starboard has agreed to withdraw its director nominations with respect to the 2026 Annual Meeting.