CarMax adds new directors ahead of annual meeting

By Chris Stiles • Friday, April 10 10:52 • Permanent Link

CarMax said it will add William “Bill” Cobb and Jim Kessler to its board of directors ahead of its 2026 annual meeting, after what it called constructive engagement with Starboard Value.

The move comes as Starboard agreed to withdraw its director nominations for the meeting. Starboard said the refreshed board, together with new CEO Keith Barr, can drive “substantial value creation.”

Cobb brings more than 30 years of experience. He has been chief executive of Frontdoor since 2022 and chairman since 2018. Before that, he led H&R Block from 2011 to 2017 and earlier held senior roles at eBay, PepsiCo and Tricon Global Restaurants. He has also served on several public company boards.

Kessler brings more than 20 years in the automotive industry. He has been chief executive and a director of RB Global since 2023 and was chief operating officer starting in 2020. Before that, he was president of emerging business at Caliber Collision and chief operating officer of Abra Auto Body & Glass.

CarMax said that in fiscal 2025, ended Feb. 28, 2025, it sold about 790,000 used vehicles and 540,000 wholesale vehicles at its auctions. CarMax Auto Finance originated more than $8 billion in auto loans during the year and ended fiscal 2025 with nearly $18 billion in its loan portfolio.

The company said it now has more than 250 store locations and over 28,000 associates. The market has reacted to these announcements by moving the company's shares 1.91% to a price of $42.68. For more information, read the company's full 8-K submission here.

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