abdicate (v.): to give up a position of power
I had to abdicate my position as President of the Green Cleaning Club because my involvement with the Chorizo Appreciation Society was taking up too much time.
Sounds like: ab duck ate
A duck is queen over all the animals in the pond. But over time she eats so much that her abs grow big and fat, and she is so embarrassed to be seen in public that she gives up her throne.
She spent her later years as housekeeper for a very rich duck and his three nephews.