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Herman Cain Suspending 2012 Campaign For President (VIDEO)

First Posted: 12/03/11 01:43 PM ET Updated: 12/04/11 12:09 AM ET

Herman Cain announced on Saturday that he is suspending his campaign for the Republican presidential nomination.

The news comes in the wake of Cain being accused of having an extramarital affair and sexual harassment charges from more than a decade ago resurfacing. The former CEO of Godfather's Pizza has vehemently denied any wrongdoing amid the controversy.

On Saturday, Cain called the allegations "false" and said that they have had a "tremendous" and "painful price" on his family. "That spin hurts," he explained.

His wife, Gloria Cain, stood behind him on stage as he spoke in their home state of Georgia.

"I am at peace with my God, I am at peace with my wife and she is at peace with me," he said.

Looking to the future, Cain told his supporters that he is now turning to "Plan B," a new effort and website (TheCainSolutions.com) working "to be a voice for the people."

He said, "I am not going to be silenced and I am not going away."

As the GOP presidential primary race goes on, Cain signaled he could be expected to endorse a candidate in the contest "in the near future."

At the beginning of his campaign, Cain was considered a longshot contender for his party's nomination. After finding success in appealing to conservatives on the trail, he surged in the polls and scored an upset win in the Florida straw poll in September.

Cain's standing in the race took a hit as sexual harassment accusations from when he was serving as head of the National Restaurant Association in the 1990s seeped into the spotlight. After an Atlanta businesswoman came forward with allegations that she and Cain engaged in a 13-year extramarital relationship last week, speculation began to swirl around the possibility that he could drop out of the race.

Cain told CBS News' Jan Crawford that he determined on his own to suspend his campaign and has "no regrets" about the decision.

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Filed by Elyse Siegel  |