Blaine Favel served as chief of the Poundmaker First Nation and was elected head of the Federation of Saskatchewan Indian Nations in 1994.
The federation says that during his term in office Favel helped build the First Nations Bank of Canada and the Saskatchewan Indian Gaming Authority.
He is currently president and CEO of Calgary-based One Earth Oil and Gas.
Favel will be the 14th person to hold the position of chancellor and is to take up his duties July 1 for a three-year term.
Favel has degrees from the University of Saskatchewan, Queen's University in Kingston, Ont., and Harvard.
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