Successor (noun)

1. A person or thing that succeeds another in a position or role.
2. A person who inherits, continues or carries on an enterprise or a tradition.

Origin:

Late middle english: from old french, from latin successus "a following", from the verb succedere (see succeed).

Examples:

1. He was chosen as the successor to the CEO.
2. The successor to the throne was not yet decided.
3. The new model is the successor to the old one.
4. The successor company continued the production.
5. The successor carried on the legacy of the deceased artist.