"I'd like to congratulate my players for the way they reacted at the end. Today Switzerland earned the recognition of many people around the world and we can walk away with our heads held high," said the 65-year-old German in the post match conference, reports Xinhua.
"As for my future, I'm retiring from coaching so I can lead a quieter life."
Hitzfeld's side held Argentina 0-0 in 90 minutes but failed to prolong the match to penalty shootout as Angel Di Maria's winner in the 117th minute sealed the hard-fought victory.
Hitzfeld admitted their game plan was to strangle Messi with three or four players but it was a mistake to just concentrate on one player.
"It took a great finish to beat (Diego) Benaglio," said Hitzfeld, hailing the outstanding performance of their goalkeeper from Bundesliga club Wolfsburg.
Switzerland were knocked out after Argentina scored in the 118th minute