Feb 12 (Reuters) – CarMax on Thursday named Keith Barr as its next chief executive, who will take over the helm at the 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, the company’s interim CEO David McCreight, said “It is clear CarMax needs change.”
CarMax’s earlier CEO Bill Nash stepped down in November last year, amid a broader leadership shake-up.
(Reporting by Apratim Sarkar; Editing by Shailesh Kuber)
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