CarMax chief operating officer Cliff Wood will retire by the end of next summer, the company said Monday.

Taking on the COO role at that point will be Ed Hill, who has been CarMax’s executive vice president, strategy and business transformation since 2016.

Wood has been with the company since 1993, when he was a buyer at the first CarMax location in Richmond, Va.

“Cliff has been instrumental in building CarMax’s industry-leading store operations,” said Bill Nash, CarMax president and chief executive officer, in a news release. “He has helped guide the company successfully through many years of growth and has built a strong field leadership team.

“We are incredibly grateful for his many years of service and contributions to CarMax’s success.”

Hill, meanwhile, has been with the company since 1995, when he came aboard as director of service operations, eventually becoming senior vice president in 2012 and leading corporate strategy.

“Ed was the driving force behind the development and ongoing enhancement of our vehicle reconditioning process, one of CarMax’s key competitive advantages,” Nash said. “He has been an integral member of the executive leadership team, and his breadth of experience in operations, corporate strategy and enterprise change management will be essential for our future growth.”

In moves effective Wednesday, CarMax said Darren Newberry will be promoted from vice president of regional sales to senior vice president of store operations, and Joe Wilson is being promoted from vice president of merchandising operations to senior vice president, store strategy and logistics.