CarMax announced that Executive Vice President and Chief Innovation and People Officer Diane Cafritz will depart the company effective December 31, 2026. Her severance package was amended to replace a target bonus calculation with her actual fiscal year 2027 annual bonus under the Company’s Annual Performance-Based Bonus Plan. Additionally, Ms. Cafritz entered into a six-month consulting agreement commencing January 1, 2027, receiving $360,500 in aggregate compensation for services rendered through June 30, 2027. The departure extends non-solicitation and non-competition covenants to expire two and a half years from her exit date. CarMax operates as the largest used vehicle retailer in the United States.
