RICHMOND, VA – CarMax, Inc. has announced that Richard L. Sharp is retiring as chairman of the board of directors effective June 26, 2007. William R. Tiefel has been elected to serve as the new chairman of the board, effective upon Sharp's retirement.

Sharp, age 60, has been chairman of the board since the company separated from Circuit City Stores, Inc. in 2002. He also served as a director on the board from 1997 to 1999. Sharp served as Circuit City's chief executive officer from 1986 to 2000 and chairman of the Circuit City board from 1994 to 2002. He is currently the chairman of the board of Crocs, Inc. and a director of Flextronics International.

Tiefel, age 73, has served on the board of directors since 2002 and as the company’s independent lead director since May 2006. He is retired vice-chairman of Marriott International, Inc. and chairman emeritus of the Ritz-Carlton Hotel Company, L.L.C.

Tiefel joined Marriott Corp. in 1961, was named president of Marriott Hotels and Resorts in 1989, president of Marriott Lodging in 1993, and vice-chairman of Marriott International and chairman of the Ritz-Carlton hotel company in 1998. He is a director of Bulgari Hotels and Resorts and Lydian Private Bank.