CarMax names Barr as next CEO

Goochland County-based CarMax on Thursday named Keith Barr as its next president and CEO, who will take over the helm at the Fortune 500 used car retailer as it navigates a turnaround plan and lower demand.

Barr, a veteran from the hospitality industry, most recently served as the top boss at InterContinental Hotels Group. He takes charge effective March 16.

CarMax has been struggling to resell cars it bought at higher prices amid a nationwide dip as cash-conscious buyers hold on to their older cars for longer.

It has relied on initiatives including some job cuts to soften a blow from lower demand and margin pressures, as inflationary headwinds continues to weigh on buyers.

During the third-quarter earnings call, the company’s interim CEO David McCreight said, “It is clear CarMax needs change.”

Barr will also become a member of the board of directors. He succeeds McCreight, who will transition to his previous role as an independent director of the board. McCreight stepped into the position after Bill Nash, the previous president and CEO, left the company in late 2025 amid forecasts of dismal third quarter earnings and a broader leadership shake-up.

Last month, the company announced it laid off approximately 230 employees, including 113 in the Richmond area. The company said the decision was “necessary to reduce costs and operate with a faster, leaner corporate workforce.” That came after laying off 350 workers in October 2025, including about 55 in Virginia.

Tom Folliard will remain in his role as interim executive chair until the company’s annual meeting in June 2026, after which he is expected to resume his prior duties as non-executive chair of the board.

As CEO of InterContinental Hotels Group, Barr led one of the world’s largest hospitality companies with 345,000 employees at more than 6,000 properties in over 100 countries.

He joined IHG in 2000 and previously held several senior leadership roles, including chief commercial officer and CEO of its Greater China. Earlier in his career, he held senior positions at Bristol Hotels & Resorts, which was later acquired by IHG.

“The board and I are thrilled to welcome Keith to CarMax,” said Folliard in a statement. “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.”

(Reporting by Apratim Sarkar; Editing by Shailesh Kuber)