Fox News has shuffled its management team, appointing Bill Shine, long-time deputy to Roger Ailes, as co-president of the network, in what Rupert Murdoch called “a time of great transition”.

Jack Abernethy, chief executive of Fox Television Stations, will also serve as co-president, reports Anna Nicolaou in New York.

Mr Shine, who has worked at the conservative TV network since its start in 1996, will be in charge of all programming and news functions across Fox News, the company said.

The appointments come as Fox News looks to restructure after ousting founder Mr Ailes from his role as chief executive and chairman in the wake of sexual harassment allegations.

Mr Murdoch, who is filling in as interim chief executive while Fox looks for a replacement to Mr Ailes, commended Mr Shine’s “keen eye for programming” that “played a fundamental role” in the success of the network.

Mr Shine has worked closely with Mr Ailes for years and has been touted as a potential successor for chief executive. He was promoted to executive vice-president of Fox News programming two years ago, and has been described by people close to Fox as Mr Ailes’ “footsoldier”.

The company also announced its chief financial officer, Mark Kranz, is retiring after nearly two decades.

Fox has come under question from corporate government experts over its finances, following reports that the company paid Laurie Luhn, a former guest booker, a severance package worth $3.15m after she told the network that Mr Ailes had sexually harassed her for 20 years. 21st Century Fox said it only learned about the payment to Ms Luhn recently and Mr Ailes has denied the accusations.

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