RICHMOND, Va. -

Tom Folliard plans to retire from his role as CarMax chief executive officer prior to the end of 2016, with Bill Nash expected to take on the reins at that point, the company announced Monday.

Here’s how the changeover will work:

As the result of a multi-year management succession plan, Nash — previously executive vice president of human resources and administrative services — officially became CarMax president Monday.

And Cliff Wood — previously executive vice president of stores — became chief operating officer, a move also effective Monday.

Folliard intends to retire as CEO before the year ends, and then Nash would step in as CEO. The CarMax board of directors expects Folliard will stay on as the non-executive chairman of the board.
 

“Tom Folliard has built an exceptional management team at CarMax, positioning the company for continued growth,” said Bill Tiefel, chairman of the board. “The execution of our long-term succession plan, with Bill as president and Cliff as COO, ensures a seamless management transition and the continuity of the company’s culture.”

Folliard has been president and CEO since May 2006. He has worked at CarMax for 23 years.

Nash became EVP of HR and administrative services in 2012 and has been with the company since 1997.

Wood has been with CarMax since 1993 and became EVP of stores in 2012.