{"id":943529,"date":"2026-03-11T09:30:48","date_gmt":"2026-03-11T13:30:48","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/starboard-delivers-letter-to-carmax\/"},"modified":"2026-03-11T09:30:48","modified_gmt":"2026-03-11T13:30:48","slug":"starboard-delivers-letter-to-carmax","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/starboard-delivers-letter-to-carmax\/","title":{"rendered":"Starboard Delivers Letter to CarMax"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwlistdisc { list-style-type: disc }\n.bwuline { text-decoration: underline }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Starboard Delivers Letter to CarMax<\/b><\/p>\n<p class=\"bwalignc\"><i>Views Appointment of New CEO Keith Barr as Timely Opportunity to Address Fixable Execution Gaps and Unlock CarMax\u2019s Full Value Potential<\/i><\/p>\n<p class=\"bwalignc\"><i>Has Nominated Directors to Help Support the Next Phase of Execution and Accelerate Shareholder Value Creation<\/i><\/p>\n<p class=\"bwalignc\"><i>Believes CarMax\u2019s Structurally Superior Omnichannel Model Is Not Reflected in Current Performance<\/i><\/p>\n<p class=\"bwalignc\"><i>Sees Clear Opportunities to Drive Improvement Through Enhanced Digital Execution, Reconditioning Efficiencies and Dynamic Pricing<\/i><\/p>\n<p class=\"bwalignc\"><i>Urges a Substantially Expanded SG&amp;A Reduction Program to Restore Cost Discipline and Enhance Long-Term Earnings Power<\/i><\/p>\n<p>NEW YORK&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nStarboard Value LP (together with its affiliates, \u201cStarboard\u201d), a significant stockholder of CarMax Inc. (\u201cCarMax\u201d or the \u201cCompany\u201d) (NYSE: KMX), today announced that it has delivered a letter to Keith Barr, the Company\u2019s incoming Chief Executive Officer, with a copy to the Company\u2019s Board of Directors (the \u201cBoard\u201d). The full text of Starboard&#8217;s letter to the Company can be viewed <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.starboardvalue.com%2Fwp-content%2Fuploads%2FStarboard_Value_LP_Letter_to_KMX_Incoming_CEO_03.11.2026.pdf&amp;esheet=54444676&amp;newsitemid=20260310607307&amp;lan=en-US&amp;anchor=here&amp;index=1&amp;md5=c938e564632a5515c8f586867853129c\">here<\/a>.<\/p>\n<p>\nStarboard has nominated two individuals \u2013 William C. Cobb and Jeffrey C. Smith \u2013 for election to the Board at the Company\u2019s 2026 Annual Meeting of Shareholders.<\/p>\n<p><b><span class=\"bwuline\">Nominee Biographies:<\/span><\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li><b>William C. Cobb<\/b> has served as Chief Executive Officer of Frontdoor, Inc. since June 2022 and has been Chairman of the Board since its 2018 spin-off from ServiceMaster Global Holdings, Inc. Previously, he served as President and Chief Executive Officer of H&amp;R Block, Inc. from 2011 to 2017, where he also served as a director. Earlier in his career, Mr. Cobb held senior leadership roles at eBay Inc., including as President of eBay Marketplaces North America, as well as various executive positions at PepsiCo, Inc. and TRICON Global Restaurants, Inc. (n\/k\/a Yum! Brands, Inc.). He has served on several public company boards, including Deluxe Corporation, ServiceMaster, Pacific Sunwear of California, Inc., Orbitz Worldwide, Inc., and Och-Ziff Capital Management Group LLC. Mr. Cobb brings extensive public company leadership and board experience across consumer, services and digitally enabled businesses.\n<\/li>\n<li><b>Jeff Smith <\/b>is a Managing Member, Chief Executive Officer, and Chief Investment Officer of Starboard Value LP. Mr. Smith has extensive public company board experience having served on boards through his role at Starboard Value. Prior to founding Starboard Value LP in 2011, Mr. Smith served as the Chief Investment Officer for the funds that comprised the Value and Opportunity investment platform at Ramius LLC, a subsidiary of the Cowen Group, where he was a Partner Managing Director. Mr. Smith is currently on the Board of Directors of Kenvue Inc. Mr. Smith was formerly the Chair of the Boards of Papa John&#8217;s International, Inc., Starboard Value Acquisition Corp., Advance Auto Parts, Inc., Darden Restaurants, Inc. and Phoenix Technologies Ltd. and formerly a member of the Boards of RB Global, Inc., Cyxtera Technologies, Perrigo Company plc., Yahoo! Inc., Quantum Corporation, Office Depot, Inc., Regis Corporation, Surmodics, Inc., Zoran Corporation, Actel Corporation, Kensey Nash Corp., S1 Corp and the Fresh Juice Company.\n<\/li>\n<\/ul>\n<p><b>About Starboard Value LP<\/b><\/p>\n<p>\nStarboard Value LP is an investment adviser with a focused and differentiated fundamental approach to investing in publicly traded companies. Starboard invests in deeply undervalued companies and actively engages with management teams and boards of directors to identify and execute on opportunities to unlock value for the benefit of all shareholders.<\/p>\n<p><b>CERTAIN INFORMATION CONCERNING THE PARTICIPANTS<\/b><\/p>\n<p>\nStarboard Value LP, together with the other participants named herein (collectively, \u201cStarboard\u201d), intends to file a preliminary proxy statement and accompanying universal proxy card with the Securities and Exchange Commission (\u201cSEC\u201d) to be used to solicit votes for the election of a slate of director nominees at the 2026 annual meeting of shareholders of CarMax, Inc., a Virginia corporation (the \u201cCompany\u201d).<\/p>\n<p>\nSTARBOARD STRONGLY ADVISES ALL SHAREHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC\u2019S WEB SITE AT <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.sec.gov%2F&amp;esheet=54444676&amp;newsitemid=20260310607307&amp;lan=en-US&amp;anchor=HTTP%3A%2F%2FWWW.SEC.GOV&amp;index=2&amp;md5=7ace75c08df7a6f6084f172694bd25c8\">HTTP:\/\/WWW.SEC.GOV<\/a>. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS&#8217; PROXY SOLICITOR.<\/p>\n<p>\nThe participants in the proxy solicitation are anticipated to be Starboard Value and Opportunity Master Fund Ltd (\u201cStarboard V&amp;O Fund\u201d), Starboard Value and Opportunity S LLC (\u201cStarboard S LLC\u201d), Starboard Value and Opportunity Master Fund L LP (\u201cStarboard L Master\u201d), Starboard Value L LP (\u201cStarboard L GP\u201d), Starboard Value R GP LLC (\u201cStarboard R GP\u201d), Starboard X Master Fund Ltd (\u201cStarboard X Master\u201d), Starboard Value LP, Starboard Value GP LLC (\u201cStarboard Value GP\u201d), Starboard Principal Co LP (\u201cPrincipal Co\u201d), Starboard Principal Co GP LLC (\u201cPrincipal GP\u201d), Jeffrey C. Smith, Peter A. Feld and William C. Cobb.<\/p>\n<p>\nAs of the close of business on March 10, 2026, Starboard V&amp;O Fund beneficially owned directly 3,269,125 shares of Common Stock, par value $0.50, of the Company (the \u201cCommon Stock\u201d), which includes 494,262 shares of Common Stock underlying certain forward purchase contracts exercisable within 60 days of the date hereof. As of the close of business on March 10, 2026, Starboard S LLC beneficially owned directly 416,231 shares of Common Stock, which includes 54,482 shares of Common Stock underlying certain forward purchase contracts exercisable within 60 days of the date hereof. As of the close of business on March 10, 2026, Starboard L Master beneficially owned directly 215,017 shares of Common Stock, which includes 28,031 shares of Common Stock underlying certain forward purchase contracts exercisable within 60 days of the date hereof. Starboard L GP, as the general partner of Starboard L Master, may be deemed the beneficial owner of the 215,017 shares of Common Stock owned by Starboard L Master. Starboard R GP, as the general partner of Starboard L GP, may be deemed the beneficial owner of the 215,017 shares of Common Stock owned by Starboard L Master. As of the close of business on March 10, 2026, Starboard X Master beneficially owned directly 1,354,947 shares of Common Stock, which includes 213,277 shares of Common Stock underlying certain forward purchase contracts exercisable within 60 days of the date hereof. As of the close of business on March 10, 2026, 1,320,788 shares of Common Stock were held in an account managed by Starboard Value LP (the \u201cStarboard Value LP Account\u201d), which includes 170,340 shares of Common Stock underlying certain forward purchase contracts exercisable within 60 days of the date hereof. Starboard Value LP, as the investment manager of each of Starboard V&amp;O Fund, Starboard L Master and Starboard X Master and the Starboard Value LP Account and the manager of Starboard S LLC, may be deemed the beneficial owner of an aggregate of 6,576,108 shares of Common Stock directly owned by Starboard V&amp;O Fund, Starboard S LLC, Starboard L Master, Starboard X Master and held in the Starboard Value LP Account. Each of Starboard Value GP, as the general partner of Starboard Value LP, Principal Co, as a member of Starboard Value GP, Principal GP, as the general partner of Principal Co and Messrs. Smith and Feld, as members of Principal GP and as members of each of the Management Committee of Starboard Value GP and the Management Committee of Principal GP, may be deemed the beneficial owner of 6,576,108 shares of Common Stock directly owned by Starboard V&amp;O Fund, Starboard S LLC, Starboard L Master, Starboard X Master and held in the Starboard Value LP Account.<\/p>\n<p>\nStarboard V&amp;O Fund, Starboard S LLC, Starboard L Master, Starboard X Master and Starboard Value LP through the Starboard Value LP Account have entered into certain cash-settled total return swap agreements that constitute economic exposure to an aggregate of 2,100,000 notional shares of Common Stock.<\/p>\n<p>\nAs of the close of business on March 10, 2026, Mr. Cobb beneficially owned directly 300 shares of Common Stock.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20260310607307r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20260310607307\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20260310607307\/en\/<\/a><\/span><\/p>\n<p><b>Investor:<br \/>\n<\/b><br \/>Peter Feld, (212) 201-4878<br \/>\n<br \/>Gavin Molinelli, (212) 201-4828<br \/>\n<br \/><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fnam10.safelinks.protection.outlook.com%2F%3Furl%3Dhttp%253A%252F%252Fwww.starboardvalue.com%252F%26data%3D05%257C02%257Cjgermani%2540longacresquare.com%257C5e36a4eb814e43b2c30e08de7d6633a9%257Cf08a849c2bdd4ce38166d4eb21faf33e%257C0%257C0%257C639086075071743526%257CUnknown%257CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%253D%253D%257C0%257C%257C%257C%26sdata%3D88a0mbS3zJi4QIYYHjZLsxz3KmQXMwycNEtj%252FPteSCw%253D%26reserved%3D0&amp;esheet=54444676&amp;newsitemid=20260310607307&amp;lan=en-US&amp;anchor=www.starboardvalue.com&amp;index=3&amp;md5=48e93c4e53f6f8471de7191629343f54\">www.starboardvalue.com<br \/>\n<\/a><\/p>\n<p><b>Media:<br \/>\n<\/b><br \/>Longacre Square Partners<br \/>\n<br \/>Joe Germani \/ Ashley Areopagita, (646) 386-0003<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:starboard@longacresquare.com\">starboard@longacresquare.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> New York United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Banking EV\/Electric Vehicles Professional Services Fleet Management Specialty General Automotive Automotive Asset Management Retail Automotive Manufacturing Other Automotive Finance Manufacturing<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\" \/>\n","protected":false},"excerpt":{"rendered":"<p>Starboard Delivers Letter to CarMax Views Appointment of New CEO Keith Barr as Timely Opportunity to Address Fixable Execution Gaps and Unlock CarMax\u2019s Full Value Potential Has Nominated Directors to Help Support the Next Phase of Execution and Accelerate Shareholder Value Creation Believes CarMax\u2019s Structurally Superior Omnichannel Model Is Not Reflected in Current Performance Sees Clear Opportunities to Drive Improvement Through Enhanced Digital Execution, Reconditioning Efficiencies and Dynamic Pricing Urges a Substantially Expanded SG&amp;A Reduction Program to Restore Cost Discipline and Enhance Long-Term Earnings Power NEW YORK&#8211;(BUSINESS WIRE)&#8211; Starboard Value LP (together with its affiliates, \u201cStarboard\u201d), a significant stockholder of CarMax Inc. (\u201cCarMax\u201d or the \u201cCompany\u201d) (NYSE: KMX), today announced that it has delivered a letter to Keith Barr, the &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/starboard-delivers-letter-to-carmax\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Starboard Delivers Letter to CarMax&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-943529","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Starboard Delivers Letter to CarMax - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/starboard-delivers-letter-to-carmax\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Starboard Delivers Letter to CarMax - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Starboard Delivers Letter to CarMax Views Appointment of New CEO Keith Barr as Timely Opportunity to Address Fixable Execution Gaps and Unlock CarMax\u2019s Full Value Potential Has Nominated Directors to Help Support the Next Phase of Execution and Accelerate Shareholder Value Creation Believes CarMax\u2019s Structurally Superior Omnichannel Model Is Not Reflected in Current Performance Sees Clear Opportunities to Drive Improvement Through Enhanced Digital Execution, Reconditioning Efficiencies and Dynamic Pricing Urges a Substantially Expanded SG&amp;A Reduction Program to Restore Cost Discipline and Enhance Long-Term Earnings Power NEW YORK&#8211;(BUSINESS WIRE)&#8211; Starboard Value LP (together with its affiliates, \u201cStarboard\u201d), a significant stockholder of CarMax Inc. (\u201cCarMax\u201d or the \u201cCompany\u201d) (NYSE: KMX), today announced that it has delivered a letter to Keith Barr, the &hellip; Continue reading &quot;Starboard Delivers Letter to CarMax&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/starboard-delivers-letter-to-carmax\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2026-03-11T13:30:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20260310607307r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/starboard-delivers-letter-to-carmax\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/starboard-delivers-letter-to-carmax\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Starboard Delivers Letter to CarMax\",\"datePublished\":\"2026-03-11T13:30:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/starboard-delivers-letter-to-carmax\\\/\"},\"wordCount\":1337,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/starboard-delivers-letter-to-carmax\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20260310607307r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/starboard-delivers-letter-to-carmax\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/starboard-delivers-letter-to-carmax\\\/\",\"name\":\"Starboard Delivers Letter to CarMax - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/starboard-delivers-letter-to-carmax\/","og_locale":"en_US","og_type":"article","og_title":"Starboard Delivers Letter to CarMax - Market Newsdesk","og_description":"Starboard Delivers Letter to CarMax Views Appointment of New CEO Keith Barr as Timely Opportunity to Address Fixable Execution Gaps and Unlock CarMax\u2019s Full Value Potential Has Nominated Directors to Help Support the Next Phase of Execution and Accelerate Shareholder Value Creation Believes CarMax\u2019s Structurally Superior Omnichannel Model Is Not Reflected in Current Performance Sees Clear Opportunities to Drive Improvement Through Enhanced Digital Execution, Reconditioning Efficiencies and Dynamic Pricing Urges a Substantially Expanded SG&amp;A Reduction Program to Restore Cost Discipline and Enhance Long-Term Earnings Power NEW YORK&#8211;(BUSINESS WIRE)&#8211; Starboard Value LP (together with its affiliates, \u201cStarboard\u201d), a significant stockholder of CarMax Inc. (\u201cCarMax\u201d or the \u201cCompany\u201d) (NYSE: KMX), today announced that it has delivered a letter to Keith Barr, the &hellip; Continue reading \"Starboard Delivers Letter to CarMax\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/starboard-delivers-letter-to-carmax\/","og_site_name":"Market Newsdesk","article_published_time":"2026-03-11T13:30:48+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20260310607307r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/starboard-delivers-letter-to-carmax\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/starboard-delivers-letter-to-carmax\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Starboard Delivers Letter to CarMax","datePublished":"2026-03-11T13:30:48+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/starboard-delivers-letter-to-carmax\/"},"wordCount":1337,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/starboard-delivers-letter-to-carmax\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20260310607307r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/starboard-delivers-letter-to-carmax\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/starboard-delivers-letter-to-carmax\/","name":"Starboard Delivers Letter to CarMax - 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