1. putting something new in the place of something else
Usage: present participle of replace
2. taking the position or role of someone or something
Usage: present participle of replace

Examples

• She is replacing the broken window with a new one.
• The company is replacing all old computers this year.
• He’s replacing his boss while she’s on vacation.
• The new software is replacing the outdated system.
• They’re replacing the carpet with hardwood floors.
• The coach is replacing the injured player with a substitute.