Complex sentence: In 1867, Rubinstein handed over the directorship of the Conservatory to Zaremba and later that year resigned his conductorship of the Russian Music Society orchestra and was replaced by Balakirev.
Split into simpler sentences: In 1867, Rubinstein handed over the directorship of the Conservatory to Zaremba. Later that year resigned his conductorship of the Russian Music Society orchestra, to be replaced by Balakirev.