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  Business   »»  Business  »»  Resignation

A resignation is the formal act of giving up one's office or position. It can also refer to the act of admitting defeat in a game like chess, indicated by the resigning player turning his king on its side. A resignation can occur when a person holding a position gained by election or appointment steps down. An employee who choses to leave a permanent position is considered a resignation, but leaving a position upon the expiration of a term is not. Abdication is the equivalent of resignation of a reigning monarch or pope, or other holder of a non-political, hereditary or similar position.A resignation is a personal decision to exit a position, though outside pressure exists in many cases. For example, Richard Nixon resigned from the office of President of the United States in 1974 following the Watergate scandal, when he was almost certain to have been impeached by the United States Congress.

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