To resign, or leave, with one's credibility still intact.(verb)
Wiktionary.org : Text is available under the Creative Commons Attribution-ShareAlike License
Use "bow out" in a sentence
"But Cynthia Felice had to bow out due to other pressing demands, and the result was a trio of tales so unrelievably dark that the reader would probably ask Santa for a razor blade or cyanide capsule that year."
"She had endured Mr. Prosser's unimaginative attentions for three years until the elderly man had had the good grace to bow out of this life and leave her free to indulge her fancies."
"Burnley 4 Tottenham 2: Clarets bow out with a remarkable comeback against Spurs Mail Online UK"