UPDATE 1-CarMax names exec VP as CEO

Newswire

(Adds details, background) NEW YORK, May 24 (Reuters) - Used car retailer CarMax Inc. on Wednesday said Thomas Folliard was promoted to chief executive officer and was named to the board of directors. Folliard, who has been at CarMax for 13 years and most recently served as executive vice president of store operations, replaces Austin Ligon, who will retire. CarMax said Folliard will assume the position on June 21, a day after its annual shareholders' meeting.

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