CLEVELAND (AP) -- Nacco Industries Inc. said Wednesday that Michael Morecroft would retire from the position of CEO of Hamilton Beach Brands on Dec. 31.

Household appliance maker Hamilton Beach Brands, based in Richmond, Va., is a wholly owned subsidiary of Nacco, which is based in Cleveland.

Morecroft is 67. He joined Hamilton Beach in 1987, when it was owned by Glen Dimplex. He has been CEO since 2001.

Hamilton Beach Brands' vice president for global operations, Gregory Trepp, 47, will replace Morecroft. Trepp is also interim CEO of The Kitchen Collection Inc., another Nacco subsidiary.

Nacco shares rose 73 cents to $67.57 on Wednesday.