By Edmund Lee on July 27, 2012
CNN President Jim Walton, who presided over the once-dominant cable-news business as it lost viewers to Fox News, will resign after almost a decade in the job, saying the network needs “new thinking.”
Phil Kent, chief executive officer of CNN parent Turner Broadcasting, will lead the search for a replacement, according to a statement from the company, which is owned by Time Warner Inc. (TWX) (TWX) Walton, who has spent his entire 30-year career at CNN, plans to step down at the end of the year.
“CNN needs new thinking,” Walton said in a memo to staff. “That starts with a new leader who brings a different perspective, different experiences and a new plan, one who will build on our great foundation and will commit to seeing it through.”