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From our dictionary:

ab•di•cate

Pronunciation: (ab'di-kAt"), [key]
—v., -cat•ed, -cat•ing.

—v.i.
to renounce or relinquish a throne, right, power, claim, responsibility, or the like, esp. in a formal manner: The aging founder of the firm decided to abdicate.

—v.t.
to give up or renounce (authority, duties, an office, etc.), esp. in a voluntary, public, or formal manner: King Edward VIII of England abdicated the throne in 1936.

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