NEW YORK (CNNfn) - Lou Dobbs, president of CNNfn and executive vice president of CNN, is stepping down June 11 and leaving parent Time Warner Inc., the company said Tuesday.
Dobbs will start a new Internet venture, Space.com, a Web site devoted to news about space.
Dobbs joined CNN at its very beginning, back in 1980, as the anchor of the first nightly business cable news show, Moneyline.
Dobbs, who graduated in economics from Harvard University, became vice president and managing editor of CNN Financial News in 1984. In May 1995 he got another promotion, to executive vice president of CNN.
In December of that year he orchestrated the launch of the business-news TV network CNNfn and this Web site. He became president of CNNfn in August 1997.
As head of the CNN Financial News division, he was responsible for business news on this Web site as well as on CNN, CNNfn, CNN International, Headline News, the CNN Airport Network and CNN Radio.
That amounts to 25 shows and accounts for 15 percent of the programming on CNN and CNN International.
"We are grateful for Lou's leadership over the years and for his nearly two decades of groundbreaking reporting and anchoring in the field of business news," CNN News Group Chairman, President and CEO Tom Johnson said in a statement.
Dobbs said: "I am grateful to Ted Turner and Tom Johnson for the opportunity to have helped build CNN into a first-class television news institution."
David Bohrman, CNNfn's executive vice president, and Jeff Gralnick, executive vice president of CNN Financial News, will continue in their positions and share Dobbs' responsibilities, reporting to Johnson.
Willow Bay, co-host of "CNN & Fortune" and "CNN & Entertainment Weekly," and other CNN interim anchors will take Dobbs' place on air.
Time Warner Inc. bought CNN's parent, Turner Broadcasting System Inc., in October 1996.
Time Warner (TWX) stock closed down ¾ at 66-1/2 Tuesday, ahead of the announcement.