PARIS — French President Francois Hollande announced Thursday that he would not seek a second term in next year's presidential election, saying he hoped to give his Socialist Party a chance to win “against conservatism and, worse still, extremism” by stepping aside.

“I have decided not to be a candidate in the presidential election,” Hollande said in a somber address on French television that recapped his achievements since taking office in 2012.

The president said he was “conscious of the risks” his lack of support posed to success.