Lord Currie, who is Dean of City University, will oversee the organisation, which will regulate all broadcasting and communications in the UK. He is an ally of chancellor Gordon Brown and a founding member of the Treasury's Panel of Independent Forecasters -- the so-called "Wise Men".
Ofcom replaces five organisations that are in place today: the Independent Television Commission, the Radio Communications Agency, the Radio Authority, Oftel and the Broadcasting Standards Commission.
Lord Currie becomes the latest of a growing number of Labour supporters in influential positions in the media. He joins Greg Dyke, director general of the BBC, and Gavyn Davies, chairman of the BBC. Both are former Labour Party donors.
News of the appointment began to spread after Lord Currie resigned the Labour whip in the Lords last night to try to ensure there is no conflict of interest and as he tries to distance himself from Labour, of which he has been long-time member.
He is believed to have staved off competition from other candidates such as Lord Eatwell, chairman of the British Library; Richard Hooper, chairman of the Radio Authority; and Dave Edmunds, chairman of Oftel.
He will receive £133,000 a year in the post, but is expected to relinquish other responsibilities such as his seat on the board of Abbey National, and his advisory roles at O2 and Microsoft.
One of his first tasks will be to appoint a chief executive. The ITC's chief executive Patricia Hodgson is widely tipped to get the job.
Tessa Jowell, the secretary of state for culture, media and sport, said: "David Currie is an outstanding choice for this position. I am sure his appointment will be widely welcomed throughout the whole industry.
"I am confident that this leadership and strategic view of regulation will enable Ofcom to help achieve the government's vision of making the UK home to the most dynamic and competitive communications and media market in the world."
Prior to his appointment as Dean at the City University Business School, Lord Currie was deputy Dean at London Business School (1992-95, 1998-2000), director of its Centre for Economic Forecasting (1988-95) and its Regulation Initiative (1995-2000).
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