Melbourne, Jan 19 : Australia all-rounder Glenn Maxwell has decided to relinquish the captaincy of the Melbourne Stars. The announcement comes in the wake of the Stars' failure to secure a spot in the finals for the fourth consecutive year, says a report. According to cricket.com.au Maxwell shared his decision with the Stars' squad after a narrow seven-run defeat to the Hobart Hurricanes in their final game of KFC BBL 13. Despite a commendable effort in the middle of the season, where they secured four consecutive victories, the Stars stumbled in their last three games, sealing their fate outside the finals race. The 33-year-old Maxwell took charge of the Stars ahead of BBL 08, succeeding John Hastings as captain. In his five seasons at the helm, Maxwell led the team to the final in his first two seasons but couldn't secure the elusive title, succumbing to the Renegades and the Sixers in BBL 08 and BBL 09, respectively. Maxwell's captaincy record stands at 35 wins and 31 losses, with the dynamic all-rounder missing the entire BBL 12 season due to a broken leg. His decision to step down from captaincy doesn't mark the end of his association with the Stars, as he remains contracted with the team until the conclusion of BBL 15. The search for Maxwell's successor is already underway, and Marcus Stoinis emerges as a potential candidate. Stoinis, who filled in for Maxwell when he was sidelined with a torn forearm muscle earlier in the season, is, however, currently out of contract. Reflecting on the season and Maxwell's leadership, the Stars' new English coach, Peter Moores, expressed his admiration for the outgoing captain. Despite a frustrating end to the season, Moores commended Maxwell for his enthusiasm and drive, especially after the highs of the recent World Cup. Moores told Fox Cricket during the Stars' final match against the Hurricanes that he'd loved his first year in the Big Bash, albeit with a "frustrating" finish after failing to take their chance of qualifying for the finals. He also said Maxwell had been "fantastic to work with" as captain. Maxwell, in a pre-match interview before the clash with the Hurricanes, acknowledged the team's progress under Moores' coaching. He emphasized the need to start the tournament better, addressing a historical issue, and praised Moores for instilling a sense of calm in the dressing room. "I feel like we've made some really good strides this year," he told Fox Cricket. 'Mooresy' has been an outstanding addition as coach and the level of calm he's spread throughout the changeroom has been outstanding. "We've just got to find a way to start the tournament better, and it's been an issue that we've had for a long period of time. "But the fact that we were able to turn it around and get those wins through the middle was a sign that we are moving in the right direction, we've just got to try and do that for a little bit longer." /IANS