Lower or resign

• Resign, as a position
• Resign, as an office
• Relinquish, as an office
• Withdraw from office
• Call it quits
• Resign one's position
• Send down

The Collaborative International Dictionary Word definitions in The Collaborative International Dictionary
Demit \De*mit"\, v. t. [imp. & p. p. Demitted ; p. pr. & vb. n. Demitting .] [L. demittere to send or bring down, to lower; de- + mittere to send. Cf. Demise .] To let fall; to depress. [R.] They [peacocks] demit and let fall the same [i. e., their train]. ...