Abdicate

• give up, such as power, as of monarchs and emperors, or duties and obligations; "The King abdicated when he married a divorcee"
• Abdication (from the Latin abdicatio, disowning, renouncing, from ab, away from, and dicare, to declare, to proclaim as not belonging to one) is the act of renouncing and resigning from a formal office, especially from the supreme office of state.
• To surrender, renounce or relinquish, as sovereign power; to withdraw definitely from filling or exercising, as a high office, station, dignity; as, to abdicate the throne, the crown, the papacy; (obsolete) To reject; to cast off.
• To formally give up power. When a monarch gives up his throne, for example.