The chancellor of the University of Oxford has announced "with a heavy heart" that he will retire from his role at the end of the 2023-24 academic year.

Chris Patten, Lord Patten of Barnes, has held the position since March 2003.

As an MP, he was a member of Margaret Thatcher’s Tory Government and then became the last British Governor of Hong Hong, before the colony was handed back to China.

He said: "This year, I will have my 80th birthday in May. I hope that there will be many more birthdays to come.

"But I am unlikely to have another 21 years in the job as chancellor of the University.

"I think it is in my own interest and that of the University for me to step down at the end of this academic year, giving the University the opportunity to plan a sensible succession which matches the demands of the 2020s.

"I say this with a heavy heart, trusting that I will still be able to work for Oxford University, which I love, from time to time.

"The University of Oxford has been a hugely important part of my life.

"I think it is true to say that Oxford as a whole made me, not just because of the three happy years I spent there as a student, but because of what Oxford has continued to mean to me over the years right up to the present day."

As chancellor, Lord Patten has been the titular head of the University and has presided over several key ceremonies.

In addition, he has chaired the committee to elect the vice-chancellor and performed advocacy, advisory, and fundraising tasks, acting as an ambassador for the University at numerous national and international events.

Professor Irene Tracey, vice-chancellor of the University, added: "Over the past 21 years, Lord Patten has been an extraordinarily active and committed Chancellor, engaging in as many as 60 international events per year on the University’s behalf, tirelessly championing Oxford at home and abroad.

"While his incomparable dedication will be sorely missed by the University, it is entirely understandable that he should want to take a step back at this time, as he approaches his 80th birthday.

"I am personally grateful for his wise and steadfast support to me as I navigated the transition to becoming vice-chancellor.

"On behalf of thousands of alumni, students and staff and the many people whose lives have been changed by the University’s work, I thank Chris, and also his wife Lavender, for their service and wish them well in a richly deserved retirement."

The process of electing a new chancellor by members of the University's convocation will be released in the near future.