CarMax Inc., the nation's largest used car retailer, announced last week its treasurer since 2016, Enrique Mayor-Mora, would be stepping in as CFO.
The appointment comes as part of a larger restructuring of CarMax's C-suite. Current CFO Tom Reedy, who has been in the role since 2010, will be moving into executive vice president of finance. Mayor-Mora will continue reporting to Reedy in his new role.
"Succession planning and talent development ... play a key role in our long-term success, CarMax CEO and President Bill Nash said in a press release.
Mayor-Mora will focus in his new position on strategic and financial planning, treasury, expansion planning and analysis, risk management and investor relations, the company said. He will remain based at the company headquarters in Richmond, Va.
Prior to CarMax, Mayor-Mora served as vice president of financial planning and analysis (FP&A) and investor relations at Denny's Corp., and in several financial positions at Gap Inc. He started at CarMax in 2011 as vice president of finance, moving into treasury in 2016, the same year Reedy was promoted to CFO.
The decision to hire a CFO from within the company pushes against a recent trend in which many large companies look to outside finance talent that brings a different perspective.
A survey by Crist|Kolder Associates, a placement firm, found that almost 44% of CFOs at Fortune 500 and S&P 500 companies were outside hires this year. That's up from less than 34% over the previous 10 years.
CarMax operates more than 200 U.S. stores. The reseller sold nearly 750,000 used cars and 450,000 wholesale vehicles at auctions in fiscal 2018, The Wall Street Journal reported.