CarMax announced Friday that John Standley has retired, and its board of directors has elected new members Peter Bensen and Robert Hombach, effective April 1.

Standley, chairman and chief executive officer of Rite Aid Corporation, retired from the board this past Monday because of other business demands, the company said.

And Jeff Garten, Yale School of Management Dean Emeritus, who has served on the board since 2002, intends to retire from the board at the company annual meeting on June 26. 

“We are pleased to welcome Pete and Bob to the CarMax board,” CarMax chief executive officer Bill Nash said in a news release. “Their considerable executive leadership and operational experience, as well as their deep financial knowledge, will make them both highly valuable additions to our board.”

Bensen retired from McDonald’s Corp. in 2016 as its chief administrative officer.

During his 20-year tenure beginning in 1996, Bensen held various leadership positions including executive vice president and chief financial officer.

Prior to McDonald’s, Bensen was a senior manager at Ernst & Young LLP.

Hombach is the retired executive vice president, chief financial officer and chief operations officer of Baxalta, a biopharmaceutical company created by parent company Baxter, in 2015.

He joined Baxter in 1989 and served in several roles, including both company chief financial officer and treasurer.

Bensen and Hombach will both serve on the Audit Committee, the company said.