Colorado Springs, CO (My Sportsbook) - The Board of Directors for the United States Olympic Committee announced today that it will begin a search for a new chief executive officer by the end of October.

Acting CEO Stephanie Streeter announced that she will not be a candidate for the position.

"When we asked Stephanie to serve as acting chief executive officer in March (2009), we did so knowing of her strong management skills and mindful that the USOC was at a critical juncture in many ways -- facing the economic crisis, preparing for the Vancouver 2010 Games and supporting Chicago in its bid to host the 2016 Game," said USOC chairman Larry Probst. "She graciously agreed to take on the challenge and has been an outstanding chief executive."

Streeter took over for Jim Scherr, who resigned from the position after six years amid one of the worst economic downturns in United State history. Streeter's announcement that she would not be a candidate comes only days after Chicago's bid to host the 2016 Games was surprisingly ousted in the first round of voting.

The 2016 Games were eventually awarded to Rio de Janiero, Brazil.

She will step down before the end of the Vancouver Paralympics next March.