You renew and alternate certain positions or people, making this a reshuffle, or dismissal.

更迭 generally highlights the dismissal of someone from a position for replacement. You’ll often see this used in political contexts, like the reshuffling of certain ministers or other offices in a cabinet or diet; or just in general for important positions in other fields as well.

This is a jukugo word that uses the on'yomi readings of the kanji. You should be able to read this on your own.