Late on Thursday, CarMax announced the next segment of its long-term planning process; this time involving its chief financial officer transition.

The company said in a news release that Enrique Mayor-Mora, who has served as CarMax’s treasurer since 2016, will be promoted to senior vice president and CFO. Meanwhile, Tom Reedy, who has served as CFO since 2010 and as executive vice president since 2012, will become executive vice president of finance.

CarMax said Mayor-Mora will continue to report to Reedy.

“We are excited to announce the promotion of Enrique Mayor-Mora to senior vice president and CFO,” CarMax president and chief executive officer Bill Nash said in the news release. “Enrique is a talented leader who has demonstrated a strong ability to build and lead teams while collaborating and communicating effectively with all stakeholders.

“We look forward to Enrique’s leadership as our new CFO as we continue to grow our business,” Nash continued.

CarMax highlighted that Mayor-Mora has extensive experience in strategic and financial planning, treasury, expansion planning and analysis, risk management and investor relations. He joined CarMax in 2011 as vice president of finance and in 2016 moved into the treasurer role.

Prior to joining CarMax, Mayor-Mora served as vice president of financial planning and analysis and investor relations at Denny’s Corp. from 2005 to 2011. He also served in financial positions of increasing responsibility at Gap, Inc. from 2001 to 2005.

The company also noted that Mayor-Mora will assume responsibilities for accounting, tax, treasury, expansion planning and analysis, financial planning and internal audit functions. The company added Reedy will continue to oversee the CarMax Auto Finance, financial services and products, investor relations, store delivery and support systems, and real estate teams.

Nash elaborated about why CarMax made this executive move.

“Succession planning and talent development for all positions play a key role in our long-term success,” Nash said.

“Tom has developed a strong core finance team and a deep bench of talent since becoming CFO almost 10 years ago, which has allowed him to take on responsibilities beyond finance,” Nash continued. “This transition enables Tom to focus on our highest priority strategic initiatives and explore new growth opportunities, while at the same time maximizing the talents of our other financial leaders.”