Ex-Penske CFO O’Shaughnessy to join CarMax board
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A former Penske chief financial officer is set to become the newest member of CarMax’s board of directors, the company announced.
In a news release, the national used-car retailer said Robert O’Shaughnessy’s appointment to the board is pending the approval of shareholders during their annual meeting next month.
CarMax also announced the planned retirements of current board members Shira Goodman and Mitchell Steenrod.
The board’s interim executive chair, Tom Folliard, said O’Shaughnessy’s “significant experience in the auto industry, deep financial acumen and consumer credit expertise from his oversight of Pulte’s mortgage business make him a great addition. Adding Bob reflects the board’s deliberate approach to refreshment, bringing relevant expertise and fresh perspectives to support long-term value creation.
“We also want to extend our gratitude to Shira and Mitch for their dedication to CarMax. Their guidance has been instrumental to establishing CarMax’s leading market position and iconic brand.”
O’Shaughnessy served in various financial roles during his 14 years with Penske Automotive Group, rising to executive vice president and CFO before leaving the company in 2011 to become EVP and CFO of PulteGroup, Inc., one of the nation’s largest homebuilders.
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In a news release, CarMax said O’Shaughnessy, who began his career in the New York office of Ernst & Young, “brings extensive financial, operational and leadership experience in industries where understanding shifting market and customer dynamics is crucial to success” in addition to his auto industry background.
“CarMax has built a leading platform by investing in its exceptional brand and maintaining the trust of its customers,” O’Shaughnessy said. “I look forward to working alongside [CEO] Keith [Barr], the management team and the board as we work to deliver on CarMax’s potential in a moment of tremendous opportunity for the industry.”
Following the annual meeting, the company said, the board will include 11 directors, nine of whom are independent. Folliard will be non-executive chair and Mark O’Neil will assume the role of lead independent director.
