KMX · CarMax, Inc.

CarMax announced the nomination of Robert O'Shaughnessy to its Board of Directors, subject to shareholder approval at the 2026 Annual Meeting. O'Shaughnessy brings extensive financial and operational experience, including roles as CFO of PulteGroup and Penske Automotive Group, and began his career at Ernst & Young. He qualifies as an independent director under NYSE standards and is expected to serve on the Audit Committee. Concurrently, directors Shira Goodman and Mitchell Steenrod will retire at the annual meeting, not due to any disagreement with the company. Following the meeting, the board will consist of 11 directors, nine of whom are independent, with Tom Folliard as non-executive Chair and Mark O'Neil as Lead Independent Director. These changes reflect the board's deliberate refreshment strategy to bring relevant expertise and fresh perspectives.