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MUMBAI:
Jim Walton has told US news broadcaster CNN that he will step
down as of CNN Worldwide president at the end of this year.
He will, however, continue in his current role until that
time.
Jim’s
decision has the support and respect of Turner Broadcasting
CEO Phil Kent as he leads the search for Walton's successor.
Walton's
note to staff reads: "After more than 30 years at this
company and nearly 10 years as the leader of this great news
organisation, I have decided to leave my role at CNN on 31
December 2012. For some time, I’ve been talking with
Phil Kent about wanting to make a change, and he supports
my decision. I’ve told Phil that I will cooperate with
any transition timeline that he and Time Warner want to implement.
Phil requested that I work out the year and be available after
that if needed, which I’ve agreed to do."
"I
am proud of what we have accomplished together over these
last 10 years – innovative programming, the development
of great talent in front of and behind the cameras, expansion
in digital and mobile, significant investment and expansion
in international coverage, financial success and, most importantly,
great and trusted journalism.
"CNN
needs new thinking. 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. And I'm ready for a change. I have interests
to explore and I want to give myself time to do it.
The
next few months will be filled with election news and other
important events.
Time
Warner chairman, CEO Jeff Bewkes said, "When Jim Walton
assumed the presidency of CNN in 2003, it was underperforming
and earnings were in serious decline. Since then, he and CNN
have tripled earnings, doubled margin and delivered annual
growth of 15 per cent. 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."
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