U.S. Republican presidential candidate Herman Cain has suspended his campaign following allegations of sexual harassment and infidelity.

Cain announced the suspension of his presidential bid at an event Saturday in his home state of Georgia.

Saturday's event was originally scheduled to mark the opening of the former pizza executive's new campaign headquarters.

Cain shot to the top of the public opinion polls in September and October but saw a drop in support after several women came forward accusing him of sexual harassment. In the most recent allegation, a Georgia woman claimed she and Cain had a 13-year affair.

Cain has denied the accusations, calling them false.

On Friday, he met with his wife to discuss the situation.

In addition to the sex scandals, Cain also had some awkward moments on foreign policy, including a fumbled answer when asked to comment on U.S. President Barack Obama's policy on Libya.

Cain's struggles have cleared the way for former Speaker of the House of Representatives Newt Gingrich to surge ahead in opinion polls, surpassing even former Massachusetts governor Mitt Romney.

The first voting in the Republican primary campaign begins on January 3rd with the Iowa caucuses.