In addition, former Microsoft CEO and Los Angeles Clippers owner Steve Ballmer will also join the boardroom along with Schwarzenegger's nephew and entertainment attorney Patrick Knapp Schwarzenegger.
NBC describes Buffett as an "investment guru" in addition to being one of the most successful businessmen of all time. Banks is a supermodel, actress and CEO of the Tyra Banks Company. Alba is an actress and founder and chief creative officer of the Honest Company and Honest Beauty.
Schwarzenegger took over as host of "Celebrity Apprentice" after NBC cut ties with Donald Trump following his decision to run for president and subsequent controversial remarks about immigrants. The show will also relocate from New York to the Silicon Beach area of Los Angeles.
Over the course of the series, "The Celebrity Apprentice" has raised more than $15 million for charity. This season's winner will gain the title of the Celebrity Apprentice and a $250,000 check to give to their designated cause.
See photos of Arnold Schwarzenegger from over the years:
Jessica Alba, Tyra Banks join Arnold Schwarzenegger on 'Celebrity Apprentice'
Then-California Governor Arnold Schwarzenegger takes his oath of office in 2007 as then-wife Maria Shriver looks on in Sacramento.
Former California Gov. Arnold Schwarzenegger, center, talks with actor Ed Begley, Jr, and Mary Nichols, chairman of the California Air Resources board, before his remarks at a symposium on California's landmark 2006 global warming law in Sacramento, Calif., Monday, Sept. 8, 2014. Making a rare political appearance, Schwarzenegger spoke at the Global Climate Negotiations: Lessons From California conference, put on by the USC Schwarzenegger Institute, then will unveil his official governor's portrait at the Capitol.(AP Photo/Rich Pedroncelli)
Former Gov. Arnold Schwarzenegger leaves the stage after speaking at a symposium on California's landmark 2006 global warming law in Sacramento, Calif., Monday, Sept. 8, 2014. Making a rare political appearance, Schwarzenegger spoke at the Global Climate Negotiations: Lessons From California conference, put on by the USC Schwarzenegger Institute, then will unveil his official governor's portrait at the Capitol. (AP Photo/Rich Pedroncelli)
Former California Gov. Arnold Schwarzenegger walks to the stage to speak before crowded auditorium at a symposium on California's landmark 2006 global warming law in Sacramento, Calif., Monday, Sept. 8, 2014. Making a rare political appearance, Schwarzenegger spoke at the Global Climate Negotiations: Lessons From California conference, put on by the USC Schwarzenegger Institute, then will unveil his official governor's portrait at the Capitol.(AP Photo/Rich Pedroncelli)
Former California Gov. Arnold Schwarzenegger discusses global warming while speaking at a symposium on California's landmark 2006 global warming law in Sacramento, Calif., Monday, Sept. 8, 2014. Making a rare political appearance, Schwarzenegger spoke at the Global Climate Negotiations: Lessons From California conference, put on by the USC Schwarzenegger Institute, then will unveil his official governor's portrait at the Capitol. (AP Photo/Rich Pedroncelli)
Matthew Dowd, former pollster and strategist for President George W. Bush, reportedly carried on an affair with Maria Shriver while Arnold Schwarzenegger was the Governor of California. He is pictured here on the floor of the 2004 Republican National Convention in New York.
From second left, Quebec Premier Jean Charest, California Gov. Arnold Schwarzenegger, Schwarzenegger's wife Maria Shriver and Charest's son Antoine Charest pose for photos before they meet at the second Governors' Global Climate Summit in Los Angeles Friday, Oct. 2, 2009. Man at left is unidentified.
Maria Shriver arrives at the 2014 Creative Arts Emmys at Nokia Theatre L.A. LIVE on Saturday, Aug. 16, 2014, in Los Angeles.
Arnold Schwarzenegger is pictured as one of the pallbearers for the casket of Maria Shriver's father, R. Sargent Shriver. The group carried his remains into Our Lady of Mercy Catholic Church for a funeral Mass in Potomac, Md., just outside Washington, Saturday, Jan. 22, 2011. Shriver, the man responsible for launching the Peace Corps after marrying into the Kennedy family, died at the age of 95 after suffering from Alzheimer's disease for years. His son, Anthony Shriver, is at far right. His daughter, Maria Shriver, is at left, joined by her husband, actor and former California Governor Arnold Schwarzenegger, second from right.
Dowd seated between veteran news anchor Diane Sawyer (left) and political strategist Donna Brazile (right) while broadcasting from ABC News' 2012 election set in Times Square
Maria Shriver attends at 22nd Annual Alliance for Children's Rights Dinner at The Beverly Hilton Hotel on Monday, April 7, 2014 in Beverly Hills, Calif.
"My body. *My* choice!"
Plus, some things never change ...
"If my life was a movie, no one would believe it."
As a kid himself!
FILE - In this Jan. 22, 2011 file photo, Maria Shriver, right, and her husband, actor and former California Gov. Arnold Schwarzenegger, stand amid family members and other mourners as they leave the funeral Mass for her father, R. Sargent Shriver, at Our Lady of Mercy Catholic church in Potomac, Md., just outside Washington. Schwarzenegger says his lifelong penchant for secrecy and ability to put his emotions "on deep freeze" led him to keep many secrets from his wife Maria Shriver, eventually causing the dissolution of their marriage when he was forced to admit he fathered a child with the family's housekeeper years earlier. (AP Photo/J. Scott Applewhite, File)
FILE - In this Oct. 2, 2009 file photo, California Gov. Arnold Schwarzenegger and his wife Maria Shriver pose for photos before they meet at the second Governors' Global Climate Summit in Los Angeles. The former California governor originally indicated in a divorce filing that he does not want to pay Shriver spousal support. Schwarzenegger filed an amended response in his divorce Monday, July 25, 2011 indicating that he is now willing to pay Shriver spousal support and for her divorce lawyer. Shriver filed divorce papers July 1, to end their marriage of 25 years. (AP Photo/Reed Saxon)
***FILE*** This July 15, 1990 file photograph shows Eunice Kennedy Shriver, right, with her daughter Maria, left, and son-in-law California Gov. Arnold Schwarzenegger, who holds his daugher Katherine, at the Kennedy Family Compound in Hyannis, Mass. (AP Photo/Charles Krupa)
California Gov. Arnold Schwarzenegger, right, kisses his wife Maria Shriver after speaking to gymnasts and their families during the Arnold Sports Festival Saturday, March 7, 2009, in Columbus, Ohio. (AP Photo/Jay LaPrete)
California Gov. Arnold Schwarzenegger, left, and First Lady Maria Shriver pose together after they were given the "Family Visionary Award" at the Habitat for Humanity "Building a Better Los Angeles" gala in Beverly Hills, Calif., Wednesday, Oct. 1, 2008. (AP Photo/Chris Pizzello)
California Gov. Arnold Schwarzenegger, left, and his wife Maria Shriver, right, arrive at the White House to attend a dinner hosted by President Obama, Sunday, Feb. 22, 2009 in Washington. The National Governors Association is holding its winter meeting in Washington this weekend. (AP Photo/Pablo Martinez Monsivais)
California Gov. Arnold Schwarzenegger, left, takes his oath of office as his wife Maria Shriver looks on in Sacramento, Calif, Friday, Jan. 5, 2007.(AP Photo/Steve Yeater)
Gov. Arnold Schwarzenegger kisses his wife Maria Shriver as they celebrates during the victory party in Beverly Hills, Calif., Tuesday, Nov. 7, 2006. Schwarzenegger coasted to a second term Tuesday, after a campaign in which he promised to rebuild California, and wound up rebuilding himself.(AP Photo/Kevork Djansezian)
(L-R) Patrick Schwarzenegger, Arnold Schwarzenegger and Christopher Schwarzenegger attend the premiere for "The Expendables 2" at Grauman's Chinese Theatre on Wednesday, Aug. 15, 2012 in Los Angeles. (Photo by Jordan Strauss/Invision/AP)
Liana Liberato, right, a cast member in "If I Stay," poses with boyfriend Patrick Schwarzenegger, son of Arnold Schwarzenegger, at the premiere of the film at the TCL Chinese Theatre, Wednesday, Aug. 20, 2014, in Los Angeles. (Photo by Chris Pizzello/Invision/AP)
Arnold Schwarzenegger and son Patrick, left, arrive for the European Premiere of The Last Stand at a central London cinema in Leicester Square, Tuesday, Jan. 22, 2013. (Photo by Joel Ryan/Invision/AP)
LOS ANGELES, CA - SEPTEMBER 08: Actor and former California Governor Arnold Schwarzenegger and his daughter Katherine attend Trust Your Senses At DVF for Fashion's Night Out on September 8, 2011 in Los Angeles, California. (Photo by Amanda Edwards/Getty Images for DVF)
NEW ORLEANS - FEBRUARY 16: (LtoR) California governor Arnold Schwarzenegger with son Patrick Schwarzenegger, Maria Shriver and Christopher Schwarzenegger watch during NBA All-Star Saturday Night part of 2008 NBA All-Star Weekend at the New Orleans Arena on February 16, 2008 in New Orleans, Louisiana. (Photo by Bryan Bedder/Getty Images)
UNITED STATES - NOVEMBER 16: Arnold Schwarzenegger and wife Maria Shriver are on hand at the Plaza Hotel where he was honored with a Global Youth Peace & Tolerance Award. (Photo by Richard Corkery/NY Daily News Archive via Getty Images)
E366553 3/26/00 Los Angeles, Ca. Arnold Schwarzenegger And Wife Maria Shriver At The 72Nd Annual Academy Awards. Dave Mcnewonline Usa Inc. (Photo By David Mcnew/Getty Images)
368141 12: ***ESCLUSIVE*** Arnold Schwarzenegger plays in the hotel swimming pool with one of his daughters during an Easter vacation April 21, 2000 in Maui, Hawaii. (Photo by Chris Morton/Online USA)
BEIJING - MAY 19: (NO U.S. TABLOID SALES) Actor Arnold Schwarzenegger and his wife, television journalist Maria Shriver, visit the Forbidden City during a Special Olympics Event May 19, 2000 in Beijing, China. (Photo by David Hume Kennerly/Getty Images)
Arnold Schwarzenegger & Family during Hollywood Celebrity Families turn out to Celebrate Old Navy and P.S. Arts Partnership at Old Navy Store in Santa Monica, California, United States. (Photo by SGranitz/WireImage)
399207 01: Actor Arnold Schwarzenegger and his son, Patrick, pose in front of an F-22 Raptor with airmen in this undated recent photo at Edwards Air Force Base in California. In a recent poll, military members voted Schwarzenegger the star they would most like to meet. (Photo by Stacee McCausland/USAF/Getty Images)
SACRAMENTO, CALIFORNIA - NOVEMBER 17: California Governor-elect Arnold Schwarzenegger walks with his wife Maria Shriver and their four children to his inaugural ceremony at the State Capitol in Sacramento on Novemeber 17, 2003 in Sacramento, California. (Photo by Lucy Nicholson-Pool/Getty Images)
UNITED STATES - MAY 01: Eunice Shriver with daughter Maria, Arnold Schwarzenegger and some of her grandchildren attending the National Center on Poverty Law's Tribute to Sargent Shriver at the Beverly Hilton Hotel in Beverly Hills, CA 05/01/03 (Photo by Vinnie Zuffante/Getty Images)
BEVERLY HILLS, UNITED STATES: Actor Arnold Schwarzenegger(2nd from R) and his wife Maria Shriver(R) arrive at the premiere of the Steven Spielberg movie 'Amistad' with family members Bobby Shriver(L), Timothy Shriver(2nd from L) and his wife(C) 08 December in Beverly Hills. The film about a slave ship revolt stars Morgan Freeman and Anthony Hopkins. AFP PHOTO Vince BUCCI/mn (Photo credit should read Vince Bucci/AFP/Getty Images)
"Money doesn't make you happy. I now have $50 million but I was just as happy when I had $48 million."
"My body is like breakfast, lunch, and dinner. I don't think about it, I just have it."
"The mind is the limit. As long as the mind can envision the fact that you can do something, you can do it, as long as you really believe 100 percent."
"Milk is for babies. When you grow up you have to drink beer."
"I have to give the audiences what they enjoy seeing while I try to bring in a little something new"
"Strength does not come from winning. Your struggles develop your strengths. When you go through hardships and decide not to surrender, that is strength."
"You know, nothing is more important than education, because nowhere are our stakes higher; our future depends on the quality of education of our children today."
"People should make up their own mind about what they think of me."
"Failure is not an option. Everyone has to succeed."
Former California Gov. Arnold Schwarzenegger discusses global warming while speaking at a symposium on California's landmark 2006 global warming law in Sacramento, Calif., Monday, Sept. 8, 2014. Making a rare political appearance, Schwarzenegger spoke at the Global Climate Negotiations: Lessons From California conference, put on by the USC Schwarzenegger Institute, then will unveil his official governor's portrait at the Capitol.(AP Photo/Rich Pedroncelli)
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The network also set the lineup for this season's contestants. They are:
Laila Ali, retired four-time boxing world champion and daughter of boxing legend Muhammad Ali
Brooke Burke-Charvet — actress and CEO of ModernMom.com
Eric Dickerson — NFL Hall of Fame running back who played for the Los Angeles Rams, Indianapolis Colts, Los Angeles Raiders and Atlanta Falcons
Boy George — Grammy Award-winning singer, songwriter, lead vocalist for pop band Culture Club
Matt Iseman — "American Ninja Warrior" host, comedian, actor and licensed physician
Carrie Keagan — Actress and former host of VH1's Emmy Award-winning live morning talk show "Big Morning Buzz Live with Carrie Keagan"
Carson Kressley — Emmy Award-winning television star, celebrity stylist, author and fashion designer
Lisa Leslie — Four-time Olympic basketball gold medalist and WNBA champion
Jon Lovitz — Comedian, film and television star and former "Saturday Night Live" star
Vince Neil — Lead singer for heavy metal band Mötley Crüe
Nicole "Snooki" Polizzi — Reality television star and New York Times bestselling author
Kyle Richards — Actress and star of 'The Real Housewives of Beverly Hills"
Chael Sonnen — Former UFC fighter
Porsha Williams — Co-host of the nationally syndicated "Dish Nation"
Ricky Williams — Heisman Trophy winning running back and ESPN sports analyst who played for the Miami Dolphins, New Orleans Saints and Baltimore Ravens
Carnie Wilson — Singer, television host and member of the pop group Wilson Phillips
"The Celebrity Apprentice" is produced and internationally distributed by Metro-Goldwyn-Mayer (MGM). Mark Burnett, Arnold Schwarzenegger, Page Feldman and Eric Van Wagenen are executive producers.