Ex-Circuit City CEO, CarMax co-founder Sharp dies

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Associated Press

Posted on June 25, 2014 at 3:00 PM

Updated Wednesday, Jun 25 at 3:02 PM

RICHMOND, Va. (AP) — Richard Sharp, longtime CEO of electronics retailer Circuit City and co-founder of used-car dealership chain CarMax Inc., has died at 67.

According to CarMax and investment firm V-Ten Capital Partners, Sharp died Tuesday night from a rare form of Alzheimer's disease.

The Alexandria, Virginia, native joined Circuit City in 1982 and served as CEO from 1986 to 2000. During his tenure, the company's revenues grew from $175 million to $10.6 billion.

In the early 1990s, Sharp headed a team at Circuit City that led to the development of CarMax. He also was a founding investor of footwear company Crocs Inc. and served on its board.

Sharp was inducted into the Consumer Electronics Association Hall of Fame in 2008. He spent his later years promoting Alzheimer's disease research.

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