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CarMax, Inc. announced on Sept. 26 that its board of directors has elected Thomas G. Stemberg, founder and executive chairman of Staples, Inc., to membership on the board.
Stemberg, 54, pioneered the office superstore industry when he opened the first Staples store in 1986. "Mr. Stemberg has been instrumental in propelling Staples' business growth to the $11-billion industry leader it is today," CarMax said in a prepared statement.
Stemberg became executive chairman in 2002, responsible for new growth initiatives, as well as for contributing to overall corporate strategy. He had served as chief executive officer throughout Staples' history until he became executive chairman.
Stemberg is a graduate of Harvard and the Harvard Business School. He joined Jewel's Star Market stores' corporate training program in 1973 and rose to vice president of sales and merchandising by 1980. He then served in various senior management positions at First National Supermarkets before founding Staples.
"Tom is a great addition to our board," said Austin Ligon, president and CEO of CarMax. "His experience in identifying a new superstore category, developing and growing a business to serve it, and establishing Staples as the unquestioned leader of the category has great relevance for CarMax."
About CarMax
CarMax bills itself as the nation's leading specialty retailer of used cars. Headquartered in Richmond, Va., CarMax operates 44 used-car superstores in 21 markets.
CarMax also operates 15 new-car franchises, 13 of which are integrated or co-located with its used-car superstores.
During the 12-month period ended Aug. 31, 2003, the company sold 210,143 used vehicles, which is 91 percent of the total 232,003 vehicles the company sold during that period.
For more information, access the CarMax Web site at www.carmax.com.
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