Tom Mockridge, chief executive of News International, will leave the company at the end of the month, News Corporation has announced.
"We are grateful to Lord Justice Leveson for his thorough and comprehensive report, and will be studying its recommendations and comments in detail.
As a company we are keen to play our full part, with others in our industry, in creating a new body that commands the confidence of the public.
We believe that this can be achieved without statutory regulation – and welcome the Prime Minister’s rejection of that proposal.
We accept that a new system should be independent, have a standards code, a means of resolving disputes, the power to demand prominent apologies and the ability to levy heavy fines.
We have spent 18 months reflecting upon these issues and are determined to move on as soon as possible with others in our sector to set up a new body that will ensure British journalism is both responsible and robust.
News International is considering the report carefully and is not making any immediate comment.
Former News of the World employees are looking into whether News International could be forced to pay their legal fees after the newspaper's former editor Andy Coulson won an appeal on the issue, the Guardian reports.
The case may become a precedent for other employees who are also facing charges.
The newspaper's former deputy editor Neil Wallis reportedly said he had told his lawyers to "urgently" look into the possibility of launching a challenge himself.
The solicitor of former Legal Manager at News International Tom Crone has issued a statement on his behalf, after he denied he was involved in a cover-up over hacking at News of the World. Henri Brandman said:
My client has fully assisted the police in their enquiries. He categorically denies the commission of or involvement in any criminal offence. Neither he nor I will be making any further public statement.
Mr Crone has been released on bail until mid-October.
News International's former legal adviser Tom Crone is the 25th person to be arrested under Operation Weeting, the Metropolitan Police's investigation into allegations of phone hacking.
Tom Crone is a British Barrister and former legal affairs manager for News International.
He resigned from that role during the News International phone hacking scandal last year.
The 60-year-old was reportedly arrested in connection with the phone hacking scandal today.
Former News International legal manager Tom Crone was arrested this morning by police investigating alleged phone hacking, sources said.
A man has been arrested today by officers investigation phone hacking, Scotland Yard said. The 60-year-old man was arrested at his home in south west London tat 6.45am.
He was held on suspicion of conspiring to intercept communications and is being questioned at a south London police station.
Rupert Murdoch's News Corp is considering splitting into two companies, the Wall Street Journal reported, citing inside sources.
A final decision has not been made, the paper said, but the plan would be to separate its publishing assets from its entertainment businesses, the report said.
The split would mean News Corp's film and television businesses will be carved off from its newspapers, book publishing assets and education businesses.
Murdoch had earlier opposed the move, but has recently warmed to the idea, the Journal said.
In Britain, News Corp newspapers include the News of the World, The Sun, The Times and the Sunday Times.