Keswick passed away yesterday at the age of 84. He was chairman for seven years.
He joined the board in 2005 and accepted the role of chairman in 2013 when Peter Hill-Wood stepped down.
Arteta said today: "To his family, very grateful. He was chairman when I was captain. He's very well respected and loved around the football club.
"He's done a lot to protect the values of the club and may he rest in peace."