Following a disappointing performance at Euro 2012, Bert van Marwijk announced Wednesday that he has stepped down from his post as Netherlands coach.

The Dutch were favored, along with Germany, to emerge from the "Group of Death" which consisted of Denmark and Portugal as well. Instead, the 2010 World Cup finalists finished bottom of Group B after three successive losses.

"I've had doubts but finally decided that I had to take this step," Van Marwijk said in a statement on the Dutch Football Association's website.

Last year, Van Marwijk had extended his contract until 2016, but his departure leaves the KNVB with a vacancy to fill ahead of World Cup qualifiers.