By SABC Sport
11th August 2024
The 70-year-old, who has held the role since 2013, gave the update on his future during the IOC's 142nd session.
Bach said: "After 12 years in the office of IOC president, our organisation is best served with a change in leadership. I am not the best captain. New times are calling for new leaders. Change or be changed."
The German said a new IOC president will be elected in March 2025, when the IOC membership meets in Greece, and will take charge in June.
"In order to safeguard the credibility of the IOC we all, and in particular I as your president, have to respect the highest standards of good governance we have set for ourselves," Bach added.
"I will be at your disposal for our beloved Olympic movement."
An Olympic fencing champion in 1976, Bach joined the IOC as a member in 1991 and succeeded Jacques Rogge as president 11 years ago.
Nobody has campaigned to succeed Bach as yet.