(CNN) -- President Barack Obama will announce Wednesday he's nominating Tom Wheeler, a top fundraiser for the president's re-election campaign, to head the Federal Communications Commission, according to a White House official.
Until he's confirmed, Mignon Clyburn, a member of the commission, will serve as acting chair.
The official described Wheeler as an experienced leader in the communications technology field "who shares the President's commitment to protecting consumers, promoting innovation, enhancing competition and encouraging investment."
Wheeler has been the managing director of Core Capital Partners, a venture capital firm, since 2005. According to his biographical page on the company's website, Wheeler founded multiple companies offering cable, wireless and video communications services.
"Wheeler has spent more than three decades working at the forefront of telecommunications policy and business development," the White House official said. "As a policy expert, he has been intimately involved in the development of the government's telecommunications policy at both the legislative and regulatory level."
In 2009, he led the Obama-Biden transition group in charge of transitions for the science, technology, space and arts agencies. Obama also appointed Wheeler to the president's Intelligence Advisory Board. And he was appointed a trustee of the John F. Kennedy Center for the Performing Arts during the Bill Clinton and George W. Bush administrations.
If confirmed, Wheeler will succeed Democrat Julius Genachowski, who became chairman in 2009.