(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.
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Ricky Ponting announces his resignation at a news conference in Sydney
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Two-time ICC Player of the Year cites a desire for improvement as his reason for quitting
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Michael Clarke is tipped to succeed Ponting when the new captain is named on Wednesday
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Ponting departs as the most successful Australian captain ever, with 12,363 runs
"It is highly unlikely that I will be still playing, so it is the right decision for @placeholder cricket that the next captain now be appointed.