NACCO Industries (NYSE: NC) announced leadership changes to its board of directors on May 18, 2026. Alfred M. Rankin Jr. stepped down as chairman after 32 years in the role, effective May 15, 2026, but will remain as a board member.

The board appointed General John P. Jumper as the new chairman. Jumper has served as a director since 2012 and previously held positions as Chief of Staff of the United States Air Force and Chairman and Chief Executive Officer of Leidos Holdings, Inc. The board also named Matthew M. Rankin, who joined the board in 2017, as vice chairman.

"These changes ensure that an independent, highly professional business advisor with demonstrated leadership capability will lead the Board as non-executive chairman, which our board believes is a best practice for corporate governance," said Alfred M. Rankin Jr., who served as the company's president and CEO from 1991 to 2017.

Matthew Rankin brings experience as chief executive officer of a property management and development company and serves as a substantial company stockholder, according to the announcement.

Current President and CEO J.C. Butler commented on the transition, stating the company has benefited from Alfred Rankin's leadership in transforming NACCO Industries into a natural resources company.

NACCO Industries operates through its portfolio of natural resources businesses, providing aggregates, minerals, fuels and environmental solutions. The Cleveland-based company announced these governance changes as part of its succession planning process.