by CNN Wire Staff
(CNN) -- The long-time President of CNN Worldwide, Jim Walton, says he will leave the company at the end of the year.
Walton, who joined the
company as an entry-level video journalist in 1981, said the company
needed "a new leader who brings a different perspective, different
experiences and a new plan."
"For some time, I've been
talking with (Turner Chairman and CEO) Phil Kent about wanting to make a
change, and he supports my decision," Walton wrote in a memo to
employees.
In a brief interview,
Walton said that he timed his announcement to give Kent the opportunity
to find a successor and "be open about it."
"It's a well-run place
now," Walton said. "We have also taken a lot of effort to make it a
better place to work and in putting discipline in the organization. What
it has allowed CNN to do is remain profitable when journalism is under
seige and reinvest in its people and its resources and that's a good
thing."
During Walton's tenure, CNN has expanded worldwide, on television, digital and mobile platforms.
"When Jim Walton assumed
the presidency of CNN in 2003, it was under performing and earnings were
in serious decline," Time Warner CEO and Chairman Jeff Bewkes said in a
statement. "Since then, he and CNN have tripled earnings, doubled
margins and delivered annual growth of 15 percent."
Phil Kent, Turner's
chairman and CEO, said Walton is "the leader we all aspire to be. Smart,
steady, tough, and fair, business-savvy and respected by his team. His
vision has modernized and globalized our legacy news brand, enhanced
CNN's journalistic standing, positioned it at the forefront of
multi-platform branded news content and challenged the organization to
think bigger, reach further and do better. I am honored to work
alongside him and proud to call him my friend."
Bewkes also praised Walton's service.
"In his nearly 31 years
of uninterrupted and distinguished service to CNN, Jim has been
instrumental in growing the business into the financial powerhouse it
has become, while establishing the brand as the worldwide leader for
television news," Bewkes said. "I respect him personally and
professionally and support the decision he and Phil Kent have reached."
Walton's first job, as a
video journalist, was to tear apart the five-part carbon scripts for
the anchors, producer and director, then run the teleprompter. He went
on to learn the craft of video editing, before becoming a producer,
executive producer, and then moving into senior management. He declined
to say which was the toughest job.
"I have been really
lucky to have done so many different jobs at this organization," Walton
said. "And each has been challenging and each has been rewarding in its
own way. The important thing to note here is that I'm not leaving right
now. We've got an election. We've got big news happening all throughout
the world and we have got a lot to do."
CNN