Bing said he's not done with politics, however, announcing he will form an exploratory committee to run for Wayne County executive, the Detroit Free Press reported.
The 69-year-old Democrat has led the city since 2009, first winning a special election to finish out the term of disgraced mayor Kwame Kilpatrick and then being elected to a full term.
Under Bing's leadership, Detroit's financial situation deteriorated to the point the state took the rare step of appointing an emergency manager to try to ward off bankruptcy while reining in huge deficits and long-term debt.
"Over the last four years, I've made unpopular decisions," Bing told those who showed up for his announcement at the Charles H. Wright Museum of African American History. "My devotion to Detroit and Detroiters is unwavering. ... I love the compassion, the tenacity and the commitment of Detroiters.
"That's why I stayed."
Bing said his municipal administration has done "a tremendous amount of heavy lifting to prepare the runway" for a brighter future.
Notable deaths of 2014 [PHOTOS]