The embattled president of Oral Roberts University resigned from his position Friday, officials said.

Richard Roberts' resignation is effective immediately, according to a statement e-mailed from George Pearsons, chairman of the school's Board of Regents.

Roberts and the university have come under fire since a lawsuit was filed by three former professors accusing him, among other things, of misusing school funds to support a lavish lifestyle.

The evangelical school's regents will meet Monday and Tuesday to determine action in the search process for a new president, Pearsons said in the statement.

"Executive Regent Billy Joe Daugherty will continue to assume administrative responsibilities of the Office of the President, working together with Chancellor Oral Roberts, until the Regents meeting," the statement read.

Richard Roberts also expressed his feelings for the school in the letter, according to the statement.

"`I love ORU with all my heart,"' he said in the statement."` I love the students, faculty, staff and administration and I want to see God's best for all of them."'