Chancellor of Time Present was one of the four Chancellor titles of the High Council of Time Lords that existed by the time of the run-up to the War in Heaven, alongside the Chancellor of Time Past, the Chancellor of Time Future and the Chancellor of Time Parallel.
At the time of the Edifice's appearance in the skies of Gallifrey, the previous Chancellor Present had recently died. Romana III used emergency powers to directly appoint Santas to the role after this. (PROSE: The Ancestor Cell)