He came top among seven candidates with 1,798 votes, but former England seam bowler Paul Allott, now a TV commentator, lost his place after coming sixth with 1,080.
Bennett was chairman for 10 years before stepping down in 1997.
The club won six one-day trophies during his period in charge but were unable to add the County Championship title.
He also served as chairman of the England committee and managed the team on several overseas tours.
The 62-year-old recently told the Manchester Evening News that the club needed "a new direction".
He said: "I believe county cricket is perceived by many to be unimportant and this trend must be quickly reversed."
Lancashire were under a cloud early last year after the departures of former coach Bob Simpson and captain John Crawley.
But they finished a respectable fourth in Championship Division One in 2002 and also reached the semi-finals of the B&H Cup.
They have strengthened their squad for this summer by signing Indian off-spinner Harbhajan Singh and experienced county batsmen Mal Loye and Iain Sutcliffe.