CarMax Announces Board Director Appointments

CarMax, Inc. has announced the nomination of William C. Cobb and James Kessler to its Board of Directors, intended for election at the 2026 Annual Meeting. William Cobb brings over 30 years of experience in consumer-facing and technology businesses, including CEO roles at Frontdoor, Inc. and H&R Block, Inc., along with experience at eBay Inc. James Kessler has more than 20 years of leadership experience in the automotive industry, serving as CEO of RB Global, Inc. and holding leadership positions at Caliber Collision and ABRA Auto Body & Glass. Both nominees are considered independent directors by NYSE standards. This move follows constructive engagement with Starboard Value, which has agreed to withdraw its director nominations. The company also announced that Keith Barr will continue as President and CEO. This report includes an exhibit detailing the press release about these appointments.