Regarding an antithesis to 'promote,' the word universally in use in Cambridge, in Harvard College, is drop. The same word is in use in the leading schools here (Boston). I hope I may be counted every time against such barbarisms as 'demote' and 'retromote.' [Edward Everett Hale, 1892, letter to the publishers of "Funk & Wagnalls' Standard Dictionary"]
Related: Demoted; demoting.[demote etymology, demote origin, 英语词源]