Tom Folliard, the chief executive of Car Max Inc., one of Richmond’s most successful companies, is resigning, it was announced today.
He had been the used car chain’s president and CEO since 2006 and will remain as board chairman.
Folliard, 51, will be replaced by Bill Nash, executive vice president, human resources and administrative services. Cliff Wood, executive vice president of stores, will become chief operating officer in the shift.
CarMax developed a successful strategy of no-haggle car trading and carrying a large inventory. It grew to having stores in more than 150 locations in the U.S. after being spun off from Circuit City.
Folliard told Style Weekly in 2006 that “I took the job because they have benefits – and a gym” when he joined as a car buyer in 1993.
The firm has repeatedly won accolades for treating its employees well by Fortune magazine.
