CNN chief Jim Walton announced Friday that he would be resigning from his position as president, saying the company needs a new leader to help bring up the network's suffering ratings.

Walton served in his position for 10 years and built CNN Worldwide into a profitable news organization that has been leading in news for years.

However, this year CNN is at its most vulnerable state ever, falling in third place behind rivals Fox News Channel and MSNBC in prime time.

Walton announced his quitting in an email to staff, where he said he would work until the year's end as the company searches for a replacement.

"There's always pressure," he said. "I've been doing this a long time and CNN has had its ups and downs, like all companies have had ups and downs. I feel really strongly about a number of parts of this company. We're having a really strong year internationally and in mobile. It's clear there's a lot of spotlight on CNN's U.S. performance and it's reasonable that there is that spotlight."

CNN's fall in ratings was most noticeable in May, when it was compared to ratings from a year prior, in the aftermath of the Osama bin Laden killing.

Walton has no doubt that CNN can get back on its feet, but thinks that the network would be better off with new leadership.

"I think this company needs some new thinking," Walton said. "I've been doing this job I'm in now for 10 years and I'm ready for a change."