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CarMax Appoints New Directors Amid Board Nomination Changes

4/10/2026

26 6 Full Breakdown

Summary

Story summary

On April 9, 2026, CarMax announced it will appoint Bill Cobb and Jim Kessler to its board ahead of the annual shareholder meeting.
Starboard Value nominated Cobb and Jeff Smith, Starboard Value's CEO, to the board to seek digital improvements, cost reductions, and a pricing overhaul.
After discussions, Starboard withdrew its nominations.
CarMax CEO Keith Barr said the new directors will enhance value creation for the company.

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Story summary

On April 9, 2026, CarMax announced it will appoint Bill Cobb and Jim Kessler to its board ahead of the annual shareholder meeting.
Starboard Value nominated Cobb and Jeff Smith, Starboard Value's CEO, to the board to seek digital improvements, cost reductions, and a pricing overhaul.
After discussions, Starboard withdrew its nominations.
CarMax CEO Keith Barr said the new directors will enhance value creation for the company.