The board also elected Tom Hicks of the Dallas Stars to the position of vice-chair at its meeting ahead of this weekend's draft. Jacobs replaces Calgary Flames owner Harley Hotchkiss, who had held the position for the past 12 years.
The board was also updated on the pending sale of the Nashville Predators to Canadian billionaire Jim Balsillie.
However, there will not be an actual vote on the transfer of ownership from Craig Leipold.
The board also rubber-stamped some minor rule changes and discussed next year's salary cap, which is expected to fall between $48 and $50 million.