CHANGE: Alone and unpopular, France’s Hollande throws in the towel.

French President François Hollande said on Thursday he would not seek re-election next year, bowing to historically low approval ratings after a troubled term in power.

The withdrawal means the 62-year-old Socialist leader is the first president of France’s fifth republic, founded in 1958, to step aside after only one term.

“I have decided that I will not be a candidate,” a stony-faced Hollande said in a solemn televised statement from the Élysée Palace in Paris during which he defended his record.

He conceded that he was unable to unite his deeply divided Socialist Party behind his candidacy ahead of the presidential election in April and May next year.

Socialism will be more popular next time, with the right people in charge.