Ken Frazier had said in December he hoped to have the results by May. But he told trustees at a meeting Friday that results might not come now until next fall.
Frazier then added there was no “artificial timetable” – he wants to give investigators ample time for thorough questioning.
Trustees met Friday for the first time since the chaotic week in November after dozens of child sex abuse charges were filed against Jerry Sandusky.
Trustees have tabbed former FBI director Louis Freeh as their lead investigator.
A banking executive was selected to guide the Board of Trustees through the aftermath of the scandal.
Trustees elected Karen Peetz as president of the 32-member board. Peetz is a vice chairman of The Bank of New York Mellon.
Peetz says the board will focus on themes of change, reform and transparency.
President Rodney Erickson is trying to address the perception that the university isn’t being as open and honest as it could be in the wake of the scandal.
Erickson said to the Board of Trustees that he’s continuing to reach out to alumni, students and other groups and working to be more accountable.
“I also believe openness and communication are the best way to move Penn State forward,” Erickson said.