PARIS -- International Olympic Committee President Thomas Bach announced on Saturday that he will not seek to take charge of the organization for a third term.

"As a result of deep deliberations and extensive discussions, also with my family, I have come to the conclusion that I should not have my mandate extended beyond the term limit stipulated by the Olympic Charter," Bach told IOC members at the closing of the 142nd IOC Session in the French capital.

"In order to safeguard the credibility of the IOC we all, and in particular I, as your president, have to respect the high standards of good governance which we have set for ourselves.

"I was one of the promoters and authors of such a term limit at the time of the revision of the Olympic Charter. Until today I strongly believe that after 12 years in the office as IOC president, our organization is best served with a change in the leadership."

Bach was elected in 2013 for an eight-year term and earned another four-year term in 2021. His 12-year presidency was to expire next year.

"New times are calling for new leaders," said the 70-year-old German.

Bach said that he would "ask the Executive Board to schedule the election for March 2025, and the beginning of the mandate of the new President for 24 June 2025."

This is in order to "ensure a smooth transition, to hand over the steering wheel of our ship to my best possible successor, whom you will choose," he added.

The next IOC Session is scheduled to take place from March 18 to 21 in 2025 in Athens, Greece.

So far, no individuals have publicly expressed an intention to run for the presidency.