Jim Walton Jim Walton

CNN President Jim Walton has announced that he will resign at the end of the year.

As The Associated Press first reported, Walton is stepping down to allow CNN to bring in new leadership that can revitalize the network, which is currently incurring some of its poorest ratings ever.

"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 CNN employees.

Walton will stay through the end of the year, giving time for Kent to find a suitable successor.

After joining the company 31 years ago, Walton says CNN now needs "a new leader who brings a different perspective, different experiences and a new plan."

However, this new perspective doesn't seem to include any radical changes to CNN's nonpartisan philosophy. Walton explained that at CNN, "we want to be accurate above all else, we want to be timely — first if possible — we want to actually go to where the news is, not just subscribe to some agency's news feed and talk about it. We want to report the news from multiple sides, all sides, and without bias."

Check out more of today's breaking news

Since he was first hired by CNN in 1981 as an entry-level video journalist, Walton watched CNN grow to be a renowned international news organization — a success he's had a large part in since becoming president almost ten years ago."When Jim Walton assumed the presidency of CNN in 2003, it was underperforming 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."Though CNN is aiming for record profits this year, the flagship U.S. network still remains behind Fox News and MSNBC. This year, the network was down 40% for some of its prime-time shows, contributing to its worst ratings for a second quarter ever."I think this company needs new thinking," Walton said. "I've been doing this job I'm in now for 10 years and I'm ready for a change."