"I'm thinking – it will be ten years next year. A party's chairman cannot rule over a party his whole life," Uspaskich told a news conference on Monday morning.
He refused to say who his successor would be. "You'll find out in a year," Uspaskich added.
Established on 18 October 2003, the Labour Party has been headed by Uspaskich, a millionaire from Lithuania's central city of Kėdainiai. Only after prosecutors had filed criminal charges of black bookkeeping against the Labour Party and Uspaskich in 2006, causing him to flee to Russia, was Kęstutis Daukšys elected the party's leader.
Uspaskich returned to Lithuania in 2007 and restored his leadership on 17 November.
A Vilnius court is hearing a case where the Labor Party is charged with failing to include about 25 million litas (EUR 7.3m) in income and about 23 litas in spending in connection to property, commitments and structural changes in its books in the 2004-2006 period.