CarMax in its response to activism by Starboard Value

On April 9, 2026, CarMax, Inc. (NYSE: KMX), the nation’s largest retailer of used cars, announced that it intends to add William “Bill” Cobb and Jim Kessler as new directors to the Company’s Board of Directors, in connection with the Company’s 2026 Annual Meeting of Shareholders.  In connection with the additions of Mr. Cobb and Mr. Kessler, Starboard has agreed to withdraw its director nominations with respect to the 2026 Annual Meeting.

Wachtell, Lipton, Rosen & Katz served as legal advisor to CarMax.