( CNN ) -- Record-breaking batsman Ricky Ponting announced his resignation as captain of the Australia cricket team on Tuesday . The 36-year-old revealed in a news conference that his decision was motivated by a desire to improve his form without the demands of the captaincy and maintained that he will remain part of the team . Ponting , who is the most successful captain in Australia 's history , made the announcement after returning home following his team 's quarterfinal defeat in the Cricket World Cup by India . `` I 've decided to step down as captain of the Test team and the one-day team as of now , '' he told media at the Sydney Cricket Ground . `` I think it 'll keep me a bit mentally fresher than I have been in the last couple of years and I think that if I 'm mentally fresh and have got my skills in reasonable order , then I 'll be able to certainly bat better than I have in the past six months . '' Ponting endorsed Michael Clarke to take over his captaincy -- a reign which saw the Tasmanian lead Australia to 48 victories in 77 Tests during an illustrious career spanning nine years as a one-day skipper and seven years as Test captain . He also helped Australia claim three one-day World Cup tournaments and under his leadership , Australia posted first place in the ICC One Day International rankings . Despite such impressive credentials , Ponting 's Ashes record has been less successful , with three series defeats by England under his captaincy -- the last of which was the first Ashes series Australia had lost at home in 24 years . In the face of recent speculation , Ponting maintained that the decision to relinquish the captaincy was entirely his own and made with the advice of those close to him . `` I have thought long and hard about what Australian cricket needs , '' Ponting added . `` We have to be doing everything we can to win back the Ashes in 2013-14 and the World Cup in 2015 . `` It is highly unlikely that I will be still playing , so it is the right decision for Australian cricket that the next captain now be appointed . This will give him the opportunity to create his own direction and legacy . '' Cricket Australia confirmed that a new captain will be named on Wednesday ahead of the next two major tournaments -- the ICC Champions Trophy and the Ashes Series in 2013-14 . Ponting became Australia 's one-day captain in 2002 and took over the Test captaincy from Steve Waugh in 2004 . He became the most prolific run-scorer of all time , hitting 39 Test centuries and amassing 12,363 runs . The right-handed batsman and close catching fielder was named ICC Player of the Year in 2006 and 2007 -- the only player to win the award twice -- and also scooped the Captain of the Year and Test Player of the Year in 2006 and 2007 respectively .
Ricky Ponting announces his retirement at a press conference in Sydney . Two - time ICC Player of the Year cites a desire for improvement as his reason for quitting . Michael Clarke is tipped to succeed Ponting when the new captain is named on Wednesday . Ponting emerges as the most successful Australian captain ever , with 12,363 runs .