CarMax and its leadership have developed a modernized used-car retailing experience in recent years, with a strong, fundamentally sound foundation — it is the nation’s largest used-car retail business, one that’s trusted by consumers and provides a “simple, transparent and personalized” buying and selling process with “unmatched physical and digital infrastructure.”

For the last nine years, that business and its development have been led by CEO Bill Nash. He helped usher in much of that growth — both brick-and-mortar and digital — and been with the company for more than 30 years.  Since Nash became CEO in August 2016, CarMax’s national footprint has grown from 164 stores to 255 stores.

However, amid challenging quarterly performances, the company has determined that “recent results do not reflect that potential (of CarMax) and change is needed.”

That change will happen Dec. 1.

The used-car retailer said Thursday that Nash, the current CEO, is stepping down from his leadership post and from the board of directors.

Board member David McCreight will be interim president and CEO. Board chairman Tom Folliard, who was CEO from 2006-2016 and has been with CarMax for 30 years, has been named interim executive chair of the board.

Folliard and McCreight will have a more direct involvement with the direction of the company, which will search for a new permanent CEO.

“CarMax is the nation’s largest used-car retailer because we have built a business that customers trust,” Folliard said in a news release. “We make car buying and selling simple, transparent, and personalized, backed by a beloved brand, unmatched physical and digital infrastructure and an award-winning culture that affirm the potential of this business.

“However, our recent results do not reflect that potential and change is needed,” Folliard. “The board has decided that more direct involvement from David and me will help strengthen the business in this transitional period. During this time, we are focused on driving sales, enhancing profitability and reducing cost.”

A search for the new permanent CEO had already been started by board and supporting that is search firm Russell Reynolds Associates.

The board’s compensation and personnel committee is overseeing the search, with Folliard supporting.

“I am honored to serve as the interim CEO at a critical point in CarMax’s history,” McCreight said in the release. “Working with Tom, I am confident we can strengthen CarMax as the Board identifies a permanent CEO to successfully lead CarMax into its next phase of growth.”

In the release, CarMax thanked Nash for his leadership and contributions to the company, which go back more than 30 years. He helmed the modernization of the retailer and led the integration of omnichannel capabilities.

“The board of directors appreciates Bill’s leadership and contributions to CarMax throughout his more than 30 years with the Company,” Folliard said.