Meaning of the word "bow out" in English

What does "bow out" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

bow out

US /baʊ aʊt/
UK /baʊ aʊt/

Phrasal Verb

to withdraw from a competition or activity, often gracefully or formally

Example:
The veteran athlete decided to bow out after the Olympics.
She will bow out of her role as CEO at the end of the year.