Goochland-based CarMax names Keith Barr CEO amid turnaround and layoffs

CarMax, the Fortune 500 used-car retailer headquartered at West Creek in Goochland County, has appointed Keith Barr as president and chief executive officer, effective March 16, 2026. The move comes as the company implements a turnaround amid softer demand and recent rounds of layoffs at its Goochland County headquarters and nationwide operations.

Barr, 55, most recently led InterContinental Hotels Group from 2017 to 2023 and currently serves on the board of MGM Resorts. He is relocating from Hawaii to the Richmond area and will be based at CarMax’s West Creek corporate campus. In a statement reported by BizSense, Barr said, “I believe the large and highly fragmented used vehicle market is only in the early innings of meeting the needs of the modern consumer,” and “CarMax is uniquely positioned to capture this opportunity by delivering the best value and service across both in-person and online channels, leveraging its transparent pricing, extensive inventory, and flexibility to shop however customers prefer. I’m excited to lead this great company into its next chapter of growth, building on more than three decades of market leadership.”

Governance changes announced with the appointment show David McCreight stepping back from the interim CEO role to resume his prior duties as an independent director when Barr assumes the helm. Tom Folliard will remain Interim Executive Chair until CarMax’s Annual Meeting in June 2026 and is expected to return to his prior role as non-executive chair thereafter. Folliard praised the hire, saying, “The Board and I are thrilled to welcome Keith to CarMax,” and “His decades of leadership experience and proven ability to enhance the customer experience, lead digital transformations, build brand loyalty, and effectively integrate online and physical properties make Keith the right choice to lead CarMax through a critical juncture and drive the company's next chapter of growth.”

The leadership change follows turbulence at the company last year. Bill Nash, who had led CarMax since 2016, left in late 2025; reports variably state he stepped down in November 2025 and that the company announced last fall he would be let go effective Dec. 1. Local coverage and company commentary describe months of upheaval that included the firing of the top boss and layoffs affecting “hundreds” of employees, part of cost cuts intended to improve the stock price.

Operational changes accompany the personnel shifts. CarMax notified corporate staff that employees must work in-office four days a week beginning March 1, 2026. The retailer, founded in the Richmond area in 1993 with its original store on West Broad Street in western Henrico, will now enter its fourth chief executive era under Barr after founders Austin Ligon, Tom Folliard and Bill Nash.

Stocktitan’s summary of CarMax’s SEC Form 8-K lists Barr’s appointment and board membership and attaches exhibits including EX-99.1 and EX-10.1 through EX-10.3, documents that typically contain employment agreements and related terms. The company’s next governance milestone is the June 2026 Annual Meeting, when Folliard is expected to resume non-executive duties and the new leadership team will be fully in place at West Creek.