廃位 is read as はいい (haii) and means dethronement.
はいい
haii
はいし
abolition
はいぜつ
はいあん
rejected bill (project)
はいこう
closure of a mine
はいき
annulment
はいぎょう
discontinuation (of business)
はいざい
scrap wood
closing of a school
はいしゃ
deregistered vehicle
はいひん
waste
はいかん
ceasing to publish
はいゆ
waste oil