Update: CarMax Investor Starboard Value Nominates 2 Directors to Board-March 2024-www.financetom.com

Update: CarMax Investor Starboard Value Nominates 2 Directors to Board

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Update: CarMax Investor Starboard Value Nominates 2 Directors to Board

Mar 11, 2026 8:47 AM

11:21 AM EDT, 03/11/2026 (MT Newswires) -- (Updates with CarMax ( KMX ) statement in last two paragraphs.)

CarMax ( KMX ) activist investor Starboard Value said Wednesday it has nominated two directors to the board and sent a letter outlining areas where management can drive improvement.

Starboard, which has invested about $350 million in CarMax ( KMX ), nominated Frontdoor ( FTDR ) CEO William Cobb and Starboard CEO Jeffrey Smith for election to the board at its 2026 annual meeting of shareholders.

In a letter to incoming CEO Keith Barr, Starboard urged CarMax ( KMX ) to improve digital front-end services, optimize reconditioning operations, adopt a dynamic pricing scheme, and reduce operating costs.

"CarMax ( KMX ) has been taking the necessary steps to ensure that this business delivers on its potential and is responsive to shareholders," Tom Folliard, executive chair of the board, said in a statement. "Our engagement with Starboard to date has been productive and we remain focused on continued constructive conversations."

CarMax ( KMX ) said its board will present its recommendation on the proposed nominees in due course.

Price: 42.13, Change: -0.02, Percent Change: -0.04

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