Trustees elected Karen Peetz as president of the 32-member board. Peetz is a vice chairman of The Bank of New York Mellon.
Peetz says the board will focus on themes of change, reform and transparency.
The trustees also elected farm owner Keith Masser as the vice chair.
They're replacing Steve Garban and John Surma, respectively, as trustee leaders.
Garban and Surma decided not to run again. They and other trustees have been criticized by some alumni and former players for their actions after former assistant football coach Sandusky was charged with dozens of counts of child sex abuse last November.
Peetz says that "all of us, including the board, with the wisdom of hindsight could have done things differently."