UPDATE: KOTV also reports the news and posts the email sent from ORU.

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AP (via Fox 23) is reporting that Richard Roberts has resigned as president of ORU:

Embattled Oral Roberts University president Richard Roberts handed in his resignation today.

In a statement e-mailed from George Pearsons, chairman of the ORU Board of Regents, Roberts’ resignation is effective immediately.

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.

Pearsons says the school’s regents will meet Monday and Tuesday to determine action in the search process for a new president.

Until then, executive regent Billy Joe Daugherty will continue to assume administrative responsibilities as school president and work with Oral Roberts, who is chancellor and founder of the evangelical school.

In his resignation letter, Richard Roberts said he loved the school with all his heart, including the students, faculty, staff and administrators.