Used vehicles retailer CarMax, Inc. announced Friday that Senior Vice President of Finance Tom Reedy has been promoted to be the new senior vice president and chief financial officer. Reedy succeeds Keith Browning, who will now be in a role of executive vice president, finance.<br /><br />"Tom has done a great job as treasurer and has played an instrumental role in all financial aspects of the company. Many of the accounting departments already transitioned to his leadership more than a year ago. We look forward to his continued leadership in his new role," President and CEO Tom Folliard said in a statement.<br /><br />Browning will continue to manage CarMax Auto Finance, consumer finance and investor relations, and Reedy will continue to report to him. The company said it will now begin a search to recruit a treasurer, a position Reedy previously held.<br /><br />The Richmond, Virginia-based company noted that Reedy will be responsible for CarMax's finance organization, including accounting, treasury, financial planning and analysis, tax and risk management.<br /><br />Reedy, who joined CarMax in 2003 as vice president, treasurer, and was promoted to senior vice president, finance in 2010. Prior to joining CarMax, he was vice president of corporate development and treasury at Gateway, Inc. Earlier, he served as treasurer at GATX Corp., and also held various financial positions at American Airlines.<br /><br />Browning has been involved in the development of accounting procedures, systems and internal controls for CarMax since its inception. Browning joined CarMax in 1996 after spending 14 years at Circuit City Stores Inc. (CCTYQ.PK).<br /><br /> <br />During his tenure at Circuit City, Browning served as controller for the West Coast Division, assistant corporate controller, and corporate controller. He has also served as a director of CarMax since January 1997.<br /><br />KMX closed Thursday's regular trading session at $29.28, down $0.56 on a volume of 2.36 million shares, lower than the three-month average volume of 2.67 million shares.