Oh is starring in and executive producing the six-episode project, while Peet is running the show as lead writer/producer.
Annie Julia Wyman co-wrote the pilot episode.
Former Game of Thrones show-runners David Benioff -- Peet's husband -- and D.B. Weiss are executive producers on The Chair.
Co-starring Transparent alum Jay Duplass, the show is about the chair of an English department at a major university.