Finance
CarMax taps former IHG chief Keith Barr as CEO
Published by Global Banking & Finance Review®
Posted on February 12, 2026
1 min readLast updated: February 12, 2026
Quick Summary
CarMax appoints Keith Barr as CEO to navigate a turnaround amid lower demand and market challenges.
CarMax Appoints Keith Barr as New CEO Amid Turnaround Efforts
Leadership Change at CarMax
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.
Background of Keith Barr
Barr, a veteran from the hospitality industry, most recently served as the top boss at InterContinental Hotels Group. He takes charge effective March 16.
Challenges Facing CarMax
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.
Previous Leadership Transition
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)
Key Takeaways
- •Keith Barr appointed as CarMax CEO.
- •Barr previously led InterContinental Hotels Group.
- •CarMax faces challenges with lower demand.
- •Leadership change follows Bill Nash's departure.
- •CarMax implements job cuts amid market pressures.
Frequently Asked Questions about CarMax taps former IHG chief Keith Barr as CEO
1What is a turnaround plan?
A turnaround plan is a strategy designed to improve the financial performance of a struggling company. It typically includes cost-cutting measures, restructuring, and new business strategies to restore profitability.
2What is margin pressure?
Margin pressure refers to the reduction in profit margins that companies experience due to increased costs or decreased pricing power. This can occur in competitive markets or during economic downturns.
3What is inflation?
Inflation is the rate at which the general level of prices for goods and services rises, eroding purchasing power. It is typically measured by the Consumer Price Index (CPI) or Producer Price Index (PPI).
4What is corporate governance?
Corporate governance refers to the systems, principles, and processes by which a company is directed and controlled. It involves balancing the interests of stakeholders, including shareholders, management, customers, suppliers, and the community.
