Chancellor was born in Evansville and grew up in Elberfield, Indiana. At the age of 16, he began working as a truck driver then started working in finance, becoming the assistant vice president of CrediThrift. He then became the president, CEO, and chairman of Black Beauty Coal, Co. He sold his interest in Black Beauty to Peabody Energy in 2003. He is now the chairman and CEO of American Patriot Group and serves on the board of Ameriqual Foods.
Chancellor is very active in the political sphere, holding fundraisers for the Republican National Committee, the House and Senate Republican committees, and several candidates including 2012 presidential candidate Mitt Romney. He was personal friends with former President George H.W. Bush and is close to Senate Minority Leader Mitch McConnell and former Vice President Mike Pence.
An avid big-game hunter with nearly 500 kills, Chancellor was appointed to an advisory committee by US Interior Secretary Ryan Zinke in 2018. This committee examined rules regarding the importing of skulls and hides from African big game, including elephants, rhinos, lions, leopards, and Cape buffalo. Chancellor, who had sought approval in 2016 to import parts of a male lion he intended to kill in Zimbabwe, hosted a fundraiser that same year for then-candidate Trump at the house shown here.
Chancellor is Catholic and supports the Catholic Diocese of Evansville, Resurrection Catholic School and Church, and Mater Dei High School.
Chancellor is married to Terri Chancellor. They have five daughters, two sons, fifteen grandchildren, and two great-grandchildren.