CNN Chief Walton Quits

CNN chief Jim Walton is resigning, saying the company needs new leadership at a time its flagship US network is suffering through some of its poorest ratings ever. Walton built the company into a profitable international news organization in his 10 years as president of CNN Worldwide and said it is on track for record profits this year. But the US network is the most visible part of the business and is entrenched in third place behind rivals Fox News and MSNBC in prime time.

"I think this company needs some new thinking," Walton told employees in an email. "I've been doing this job I'm in now for 10 years and I'm ready for a change." Walton plans to work through the end of the year. "I feel really strongly about a number of parts of this company," Walton wrote. "We're having a really strong year internationally and in mobile. It's clear there's a lot of spotlight on CNN's US performance, and it's reasonable that there is that spotlight." (Click to read some reasons why.)