Batesville, Ind.-based Hillenbrand (NYSE:HI) is losing one chief executive officer and gaining another.

On Wednesday, 32-year company veteran Kenneth A. Camp announced that he has decided to retire at the end of this year. Three months before he retires, he will vacate the positions of president and CEO of the company to make way for newly promoted Hillenbrand exec Joe Raver on Sept. 6.

This won't be the first time Raver takes over a job Camp is vacating. When Camp moved from subsidiary Batesville Casket to take over Hillenbrand in 2008, Raver became president of that organization as well. His current position at Hillenbrand, however, is as president of the Process Equipment Group, where he helped expand Hillenbrand's business into China, Russia, and India.

Hillenbrand advised in an SEC filing that it has not yet established the terms of compensation for Raver in his new post. The company said it will make the requisite filing with this information once a contract has been drawn up.

Hillenbrand shares gained 0.5% in Wednesday trading ahead of this announcement. Shares closed at $25.09.

Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool recommends and owns shares of Hillenbrand. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.