President ultimately put away drink (4)

I believe the answer is:

chai

'drink' is the definition.

'president ultimately put away' is the wordplay.
'president' becomes 'chair' ('chair' can be a synonym of 'president').
'ultimately put away' means to remove the last letter.
'chair' with its final letter removed is 'CHAI'.

(Other definitions for chai that I've seen before include "lady" , "Form of tea" .)

I've seen this clue in The Guardian.

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