In his statement, Bach revealed: "After 12 years in the office of IOC president, our organization 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 official noted that the election of a fresh face as the IOC president would take place in Greece in March 2025, at the next gathering of the IOC membership, and the new leader would assume the role come June. Bach stressed the importance of integrity, adding: "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."
Committing to the cause, he expressed his ongoing support: "I will be at your disposal for our beloved Olympic movement."
The former 1976 fencing gold medalist joined the IOC's ranks back in 1991 and took over from Jacques Rogge approximately 11 years ago. As of now, there's been no speculation over who will step into Bach's shoes.
The announcement of his decision to retire came amid claims the inclusion of boxers Imane Khelif and Lin Yu Ting at the Games was given precedence over fairness and the safety of their fellow female competitors.
Bach stood firmly behind the female Olympians, asserting on Friday, "This is not a question of inclusion, this has never played a role in all this, this is a question of justice: women must be allowed to take part in women's competitions. And the two are women.
"It is not as easy (as those) in this cultural war may want to portray it, that the XX or XY is the clear distinction between men and women. This is scientifically not true anymore. Therefore these two are women and they have the right to participate in the women's competition. This has nothing to do with inclusion in any way."
The IOC has acknowledged that Khelif and Lin are within compliance concerning entry rules despite discontinuing sex verification tests due to scientific consultation and concerns over intrusiveness, which, as Bach highlighted, could infringe upon athlete human rights.
On whether the IOC would reconsider its stance on gender determinations, Bach was forthright: "If someone is presenting us a scientifically solid system how to identify men and women, we are the first ones to do it."
"We do not like this uncertainty, we do not like it for the overall situation, we would be more than pleased to look into it. But what is not possible is that somebody saying 'this is not a women' just by looking at somebody or falling prey to a defamation campaign by a not credible organisation with highly political interests."
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