Daley and Waters will replace Pamela B. Strobel, who has been board chair since 2002. They will serve two-year terms, which will include the company's 50th-anniversary celebration.
Daley, who is the brother of Richard M. Daley, Chicago's mayor, was commerce secretary in the Clinton administraton. Before joining JPMorgan Chase & Co. in an executive position last year, he ran Al Gore's presidential campaign in 2000.
Waters is chief operating officer at Wm. Wrigley Jr. Co.