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Given a demotion, resign (4,4)

Ross

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4,4

8*

step down

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'resign' is the definition.
(I know that resign can be written as step down)

I don't understand how the rest of the clue works.

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(Other definitions for step down that I've seen before include "Give up office" , "Give up or retire from a position" , "Resign, retire" , "Get off one's soap-box" , "decrease in output" .)

I've seen this clue in the Evening Standard.
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