Hillenbrand Inc. (NYSE: HI) announced on Thursday that President and CEO Joe Raver will step down from those roles at the end of this year. After being named president and CEO in 2013, Raver is retiring, according to Hillenbrand.

Hillenbrand’s board of directors appointed Kimberly K. Ryan to succeed Raver as CEO on  January 1, 2022, at which time she will also join the Hillenbrand board.  She is now executive vice president of Hillenbrand.

“On behalf of the board of directors, the management team, and Hillenbrand’s 11,000 employees, we want to thank Joe for his leadership and impact over his more than two decades with the organization,” said Hillenbrand Chairperson Joe Loughrey. “A steadfast and strategic leader, Joe has guided Hillenbrand since 2013. During his tenure, he played a significant role in transforming the company from a $600 million death care business in North America to the approximately $2.5 billion global diversified industrial company it is today.

“In addition, Joe has been instrumental in the evolution of the Hillenbrand operating model and the company’s inorganic growth strategy, including the transformative acquisitions of Coperion and Milacron. The board is sincerely grateful to Joe for his dedication to Hillenbrand and wishes him nothing but the best in this next chapter.”

Ryan was president of Coperion, which is Hillenbrand’s largest business, since 2015. Her career at Hillenbrand spans 33 years across various executive roles. After being named executive vice president, Ryan moved out of her role as president of Coperion.

The CEO transition started on Wednesday. Ryan will have responsibility for the company’s businesses, including Mold-Masters, Milacron Injection Molding & Extrusion, Coperion, and Batesville. The leaders of those businesses will report directly to her.

The other members of the company’s executive management team will continue to report to Raver during the transition.