Pope Benedict XVI announced Monday that he will step down on Feb. 28 due to failing health, stunning the world's 1 billion Catholics by becoming the first pope in nearly 600 years to resign from the office.

The German pontiff, 85, made his surprise statement to cardinals during a Vatican concistory on Monday, saying “my strengths, due to an advanced age, are no longer suited to an adequate exercise of the Petrine ministry,” a reference to his duties as leader of the church.

Speaking at a ceremony held to canonize three new saints, Benedict said he would step down at 8 p.m. on Feb. 28. Father Federico Lombardi, a Vatican spokesman, said a conclave of cardinals would be held in March to elect a new pope in time for Easter.

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