German President Christian Wulff has resigned amid allegations he accepted favors during his time in a previous political post.

The announcement comes a day after prosecutors requested Mr. Wulff’s immunity be lifted so they could investigate whether he abused his position as governor of the state of Lower Saxony.

Wulff faces multiple allegations including allowing a film producer friend to pay for his bills from two hotel stays and accepting a large loan from a wealthy friend’s wife.

Chancellor Angela Merkel, who handpicked Mr. Wulff for the primarily ceremonial job in 2010, issued a short statement expressing what she said was ” deep regret” at the president’s resignation.

Chancellor Merkel says she wants to seek a consensus from main political parties on a new president.

She postponed a trip to Italy Friday, in anticipation of President Wulff’s resignation.