Trustee Kenneth Frazier also announced Monday that retired Air Force Col. and astronaut Guion Bluford will be part of the investigation. Bluford is a 1964 Penn State graduate.
The committee is examining the actions of university officials in response to allegations of sexual abuse detailed in a grand jury report released earlier this month.
The report alleges Sandusky had sexual contact with eight boys he met through the charity he founded. Much of the alleged sexual contact happened on Penn State's campus.
Sandusky has said he is innocent.