Ospreys played amid uncertainty last season when owners Y11 Sports and Media attempted to take over rivals Cardiff, only for the deal to collapse in April.
Chairman James Davies-Yandle is confident that the appointment of Jones, who won 158 caps for Wales and 12 for the British and Irish Lions, will help drive the club forward.
“We were not looking for a figurehead,” he said. “We were looking for a director who understands this club from the inside, and who can also stand up in a boardroom, hold his own and have a view on the detail.
“It was already a strong board, this makes it stronger.”
Ospreys’ first fixture at the revamped St Helen’s is scheduled to be against Dragons in the United Rugby Championship (URC) on 24 October, swiftly followed by another home derby against Cardiff.
Ospreys have lost Wales captains Dewi Lake and Jac Morgan to Gloucester, but head coach Mark Jones has had a busy recruitment drive.
Wales back Tom Rogers has signed from Scarlets and three Australians have arrived in Liam Wright, Lawson Creighton and Lalakai Foketi, with another move lined up for ex-Wallabies wing Marika Koroibete.