The team announced Monday that Nicholson has been appointed as chief executive officer of Oilers Entertainment Group.
In a release, the Oilers said Nicholson will take over an expanded set of responsibilities, including authority over all aspects of business and hockey operations.
Nicholson joined the Oilers organization as vice-chair in June 2014 after a successful career with Hockey Canada, including 16 years as president and chief executive officer.
"(OEG chairman Daryl Katz) hired me to build a winning organization. We have a lot of work to do, but we know what we need to do to get there," Nicholson said in a statement. "We have great people in this organization and we are firmly committed to rewarding our fans for their extraordinary patience and support. It is going to be an exciting year for our organization and the city in the lead up to the opening of Rogers Place."
Oilers Entertainment Group also owns the Edmonton Oil Kings (WHL), Oklahoma City Barons (AHL) and Bakersfield Condors (ECHL), as well as production company Aquila Productions.