Britain's government on Wednesday, December 6, chose a new BBC chairman after the previous incumbent was forced to quit earlier this year over a loan to then-prime minister Boris Johnson.

The Conservative government named veteran TV executive Samir Shah as its choice to replace Richard Sharp, who stood down in April, as head of the publicly funded broadcaster. His appointment will almost certainly be ratified by a parliament committee and comes at a crucial time for the BBC, which is facing increased funding pressures. The corporation is currently looking to make £500 million in savings and recently announced cutbacks to its flagship "Newsnight" program.

Shah has worked in television for more than 40 years and has held several roles at the BBC, including as head of current affairs. He said in a statement that he was "delighted" to have been named the government's preferred candidate. "We welcome the announcement that Samir Shah has been selected as the Government's preferred candidate to take up the role of BBC chair and look forward to him joining the board once the formal process has been complete," said a BBC spokesperson.

Shah, 71, will be tasked with negotiating with the government an increase to the license fee, which is where the BBC gets most of its funding. UK media reported recently that Prime Minister Rishi Sunak plans to block a nine percent increase in the annual fee, which is currently £159 ($200) per household.

Sharp, a former executive at investment bank Goldman Sachs, quit after it emerged he acted as a go-between to facilitate an £800,000 ($1 million) loan for Johnson.