If the manager is ill, his deputy will take his place for the meeting.

take 是动词，意思是"拿、取、接受"，在这里表示"承担、接替"。 his 是代词，指代前面提到的"经理"。 place 是名词，意思是"位置、职位"，在这里指"经理的职位"。 take his place 是一个固定短语，意思是"代替某人"或"接替某人的位置"。