Bow out
Definition 1 of 2
Pro Tip 1/3Gracious Exit
Use 'bow out' when someone leaves respectfully, with dignity, especially after failure or defeat. 
Despite losing, the athlete decided to bow out with his head held high.
Pro Tip 2/3Voluntary Departure
'Bow out' often suggests a personal choice to leave, not being forced out. 
She wasn't fired; she chose to bow out from her director position.
Pro Tip 3/3Final Action
Use 'bow out' to indicate the last move of someone or a formal end to their involvement. 
After the final episode aired, the actor bowed out from the show.