Newsday Publisher Timothy Knight resigned Wednesday after five years at the helm, telling the staff that “Now is the right time to let others move our business forward.”

In this July 19, 2004 file photo, Timothy P. Knight is shown in his office in Melville, New York. Knight told staff in a note Wednesday Sept. 23, 2009 that he has resigned as publisher of Newsday. (AP Photo/Newsday, David L. Pokress, File) NYC OUT

“Now is the right time to let others move our business forward,” Knight wrote. “I have decided to resign as Publisher,” he said.

Knight said Terry Jimenez was appointed acting publisher. Jimenez is publisher of amNewYork, a related paper distributed for free in New York City.

Tad Smith, president of Cablevision Systems Corp.’s local media unit, which includes Newsday and News 12, thanked Knight for his service, saying he helped “navigate the paper through one of its darkest chapters.”

“We are grateful for Tim’s service. His numerous contributions will benefit Newsday for years to come,” he said in a staff note.

Knight’s resignation comes after several rounds of job cuts as the newspaper struggles with declining circulation and a downturn in advertising revenue made worse by the recession.

Cablevision, which bought the newspaper last summer, reported in July that Newsday had an operating loss of $2.6 million.

Newsday was established in 1940 as one of the nation’s first daily suburban newspapers.