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English definition of “incumbent”

incumbent

noun [C]     /ɪnˈkʌmbənt/ formal
a person or business that holds a particular position in a company, market, industry, etc. at the present time: The incumbent has been awarded the airline's new advertising contract, despite stiff competition from other agencies.
POLITICS the person who holds a particular elected position at the present time: Three new mayoral candidates intend to challenge the incumbent.
(Definition of incumbent noun from the Cambridge Business English Dictionary © Cambridge University Press)
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