CarMax Appoints New CEO

CarMax announced this morning the company has appointed Thomas Folliard as its new President and Chief Executive Officer. Mr. Folliard will replace the current CEO, Austin Ligon June 21, 2006. Mr. Folliard had been an Executive Vice President at CarMax, with the Wall Street Journal indicating he beat out 11 external candidates for the job.

Our thoughts: First and foremost, while management has understandably not shared our view about the investment merits of CarMax, we should be very clear that on June 21, the consumer will lose a great advocate. In our opinion, Mr. Ligon helped lead a revolution ...