NACCO Industries’ Board Restructuring Shows Commitment to Governance and Growth

NACCO Industries Announces Board of Directors Transition

On May 18, 2026, NACCO Industries®, a prominent player in natural resources, revealed a planned transition in its Board of Directors that reflects its commitment to strong governance and effective succession planning. Alfred M. Rankin, Jr., after 32 years of dedicated service, has stepped down as the Chairman of the Board, effective May 15, 2026. However, he will remain a valuable member of the Board, continuing to lend his expertise and guidance.

In light of this change, General John P. Jumper has been appointed as the new Chairman of the Board. With a distinguished history of service as a director since 2012, General Jumper's leadership is poised to steer the Board into a promising future. Meanwhile, Matthew M. Rankin, who has been a part of the Board since 2017, will take on the role of Vice Chairman. This leadership restructuring signals a strategic move to incorporate fresh insights while maintaining a solid foundation of governance.

Alfred M. Rankin, Jr., who previously held the positions of President and CEO from 1991 to 2017, emphasized the importance of having an independent, capable business advisor at the helm of the Board as a best practice for corporate governance. He underscored that General Jumper’s appointment ensures that the Board will be effectively led by someone with considerable experience in corporate leadership.

Matthew Rankin's selection as Vice Chairman is equally significant. His background as the Chief Executive Officer of a property management and development firm, coupled with his experience as a major stockholder, provides the Board with heightened visibility and strategic insights. These appointments are expected to position NACCO for sustainable growth and expanded influence in the natural resources sector.

General Jumper, who has previously served as the Chief of Staff of the United States Air Force and has substantial experience as the Chairman and CEO of Leidos Holdings, Inc., expressed his gratitude toward Alfred M. Rankin for his long-term leadership at NACCO. He acknowledged the value that Rankin brings to the table, noting that his ongoing presence will continue to benefit both the Board and the Company as they pursue their growth strategies.

J.C. Butler, the current President and CEO of NACCO, also praised Alfred M. Rankin’s contributions to the Company. He reflected on how Rankin's knowledge and vision have been instrumental in shaping the company's current trajectory and positioning it for future success. Butler reaffirmed the Board's critical role in guiding NACCO through its transformation into a diverse natural resources company, emphasizing the broad range of experiences and perspectives that the new leadership team brings.

As NACCO Industries continues to evolve, this Board of Directors transition marks a significant chapter for the company. It reflects not only a commitment to effective governance but also an unwavering focus on fostering innovation and adaptation in an ever-changing industry landscape.

For more information about NACCO’s leadership and Board structure, interested parties are encouraged to visit the Investors section of their official website at nacco.com. This is an exciting time for NACCO Industries as it navigates through this leadership shift while reaffirming its dedication to excellence in the natural resources sector.