The International Olympic Committee’s (IOC) Executive Board has accepted a resignation letter from IOC President Bach.

Axar.az reports that the IOC’s press office said in a statement.

"The International Olympic Committee Executive Board today agreed to accept the resignation of IOC President Thomas Bach as an IOC Member, effective after June 23, 2025," the statement reads. "This will be the day of the handover to the new IOC President, who will be elected on March 20, 2025, in Costa Navarino, Greece."

"President Bach tendered his resignation this week to the IOC Executive Board following his announcement at the IOC Session in Paris that he would not seek an extension to his presidency despite calls from IOC Members to do so," the statement added.

Olympic gold medalist Bach, 71, was elected president of the IOC in 2013 at the 125th IOC session in Buenos Aires for a term of eight years.

Bach won his Olympic gold in the team foil competition at the 1976 Summer Olympics in Montreal. After serving his initial eight-year term as IOC president, he ran for another four-year term in the 2021 elections, where he was the sole candidate and was ultimately re-elected.

Seven candidates will vie for the IOC presidency at the organization’s 144th session in Greece between March 18 and 21.

The candidates are Sebastian Coe (Great Britain), Juan Antonio Samaranch Jr (Spain), Morinari Watanabe (Japan), Kirsty Coventry (Zimbabwe), David Lappartient (France), Johan Eliasch (Great Britain) and Prince Faisal bin Hussein (Jordan).