"I am retiring today from the presidency at the closing of the Beijing 2008 Olympic Games so that a new era can unfold for the FIVB", said Dr Acosta.

With his wife Malu by his side, Dr Acosta delivered a warmly received speech to distinguished guests and media from around the world in which he called for the Volleyball Family to continue to support FIVB President Wei as he embarks on his new role at the FIVB.

"Malu and I, we both wish Mr Wei all the success in his new function and demand all those who during many years accompanied us with loyalty and devotion to Volleyball and all those who gave our sport their trust and support to relentlessly continue their loyal dedication to FIVB duties in an effort to make possible new achievements and the expansion of Volleyball and Beach Volleyball beyond their existing frontiers", said Dr Acosta.

"During 24 years Malu and I have done our best to honour the legacy of our founding President Mr Paul Libaud and we have never failed to come to the forefront in defence of that legacy which we now entrust to Mr Jizhong Wei and his collaborators for them to maintain with care and honesty the respect of the FIVB general interest and image", said Dr Acosta.

Dr Acosta accepted the FIVB Executive Committee proposal approved by acclamation at the 31st FIVB World Congress to become FIVB Honorary Life President to continue guide the organisation and said: "Together with my wife Malu Honorary Advisor whenever required by Mr Wei we will be ready to support his action if needed in the best interest of our sport".

Dr Acosta made official his previously announced retirement at the end of the World Congress in June in Dubai with the Congress unanimously electing FIVB First Executive Vice President Wei as incoming President Mr Wei will be President until elections in 2012.

Mr Wei whose past roles have included Vice President and Executive Secretary General of the Chinese Olympic Committee paid tribute to Dr Acosta's stellar achievements over a memorable 24 years.