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CNN president Jim Walton resigns

Jim Walton, the president of CNN Worldwide, announced he will step down at the end of this year.

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The CNN sign is seen outside its headquarters November 12, 2002 in New York City. (Mario Tama/Getty Images)

Jim Walton, the president of CNN resigned on Friday, after weeks of speculation, as the network struggles with a decline in ratings and faces heavy criticism over recent editorial mistakes.

"After more than 30 years at this company and nearly 10 years as the leader of this great news organization, I have decided to leave my role at CNN on December 31, 2012," Walton wrote in an staff email, according to the Associated Press.

Media experts have criticized CNN's primetime programming as lackluster and stale, saying the network is "in crisis" while network employees complain of an absence in editorial leadership, POLITICO reported.

CNN recently made a high-profile mistake when it reported the Supreme Court's decision on President Obama’s signature health-care law, said Marketwatch.

CNN's global brand which includes its website is actually profitable, slated to earn a record $600 million this year, the Associated Press wrote, even as its rating tank in the US.

Facing stiff competition from more partisan Fox News and MSNBC, CNN has struggled to make its newscasts equally compelling, said the AP.

Turner Broadcasting CEO Phil Kent will lead the search for Walton's replacement.

In his note to staff, Walton said "CNN needs new thinking" and "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."

http://www.globalpost.com/dispatch/news/business/companies/120727/cnn-president-jim-walton-resigns