Christian Wulff

Berlin (CNN) -- Germany's President Christian Wulff announced his resignation Friday following a series of scandals that prompted calls for him to stand down.

The German presidency is a largely ceremonial office, but Wulff's resignation is seen as a blow to Chancellor Angela Merkel, who supported his candidacy as president.

In a brief televised statement, Merkel said she accepted his resignation with the "utmost respect and deepest personal regret."

Wulff had put the interests of the general public to the fore in deciding to resign, Merkel said.
Germany's president resigns

In a separate televised statement, Wulff said Germany "needs a president who can devote himself completely to national and international challenges" -- and one who commands the trust of a wide majority of citizens.

"The developments of the past days and weeks have shown that this trust and therefore confidence in my ability to serve have been adversely affected," he said.

"For this reason, it is no longer possible for me to continue in my role as president."

The scandal involves alleged political favors and financial impropriety while he was state premier of Lower Saxony.

The Hanover prosecutor's office called Thursday for the government to waive the president's immunity from prosecution, in light of the evidence it had gathered.

"Following extensive analyses of new documents and the evaluation of further media reports, the Hanover Public Prosecutor's Office now has sufficient factual evidence and therefore grounds for initial suspicion of receiving bribes or being granted advantages," it said in a statement.

"(The Office) therefore proposes to the president of the German Parliament that immunity for the federal president be waived."

The Hanover prosecutors are investigating David Groenewold, a German film producer, alongside Wulff.

Merkel said Wulff's presidency would be remembered for his efforts to promote a modern, tolerant Germany.

"He gave us important impetus and made it clear that the strength of this country lies in its diversity," she said.

"With his resignation, President Wulff reiterated his conviction that he always behaved legally correctly in office and in service to the people of our country. I express my utmost respect for this position."

The members of her governing coalition would now discuss who should stand for election in his place, she said, in consultation with other political parties.

Merkel had been due to meet Italian Prime Minister Mario Monti in Rome to discuss the eurozone crisis but canceled the trip amid the political storm over Wulff, who belongs to her party.

Merkel had no involvement in any of the scandals, but Wulff's resignation may cause her embarrassment and some collateral damage in political terms, analysts say.

Wulff, who was the state premier of Lower Saxony for seven years, was one of Merkel's biggest rivals within the Christian Democrats before being elected to the presidency in 2010.

It took three rounds of voting in the Reichstag, or German parliament, before he won enough backing from lawmakers to assume the role.

Wulff was born in Osnabruck, Lower Saxony, in June 1959 and went on to become a lawyer, according to the official website of the presidency.

He first entered local politics as a member of the CDU party in 1986 and was elected to Lower Saxony's parliament in 1994. He was chosen as state premiere by lawmakers in his party following elections in 2003.

He was the 10th president to serve in the Federal Republic of Germany. He has been married twice and has two children of his own and a stepson.