Lee Kee-heung has decided to resign early as president of the Korean Sport & Olympic Committee(KSOC) and as a member of the International Olympic Committee(IOC).

Lee made the announcement Friday after losing to Ryu Seung-min in the Korean Sport & Olympic Committee’s 42nd presidential election on Tuesday.

Lee’s tenure on both committees was set to continue until February 27.

After the election, Lee called IOC chief Thomas Bach to inform him of his decision to step down from that committee.

Until Ryu begins his term as president of the Korean Sport & Olympic Committee next month, Kim Oh-young will serve as its acting president.