Mr Chesterman, who has served as vice-president of the AOC since 2016, secured a majority 67 of the 93 votes available, winning what was considered a two-horse race between him and former Olympic swimmer Mark Stockwell.

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"Let's pursue and dream to be part of '24, to be part of '26, to be part of '28. And of course for those who are younger, to be part of 2032," Mr Chesterman said in his new role.

"It's a powerful story we have to tell and I'll be out there telling it everyday," he said.

Mr Chesterman said that it was important to create opportunities for kids in regional areas to allow them to dream and be active.

"We need to continue to create more opportunities for young people because there's so many positive outcomes from being involved in sport," he said.

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Australian Sports Commission chairwoman Josephine Sukkar welcomed Mr Chesterman as the new president and said she was excited to build on the momentum of the Tokyo and Beijing games.

"We look forward to continuing to work with the AOC as we drive a collective vision for sport in Australia and build sustainable success on the road to the 2032 Brisbane Games and beyond," she said.

Mr Chesterman stepping up signalled an end to Mr Coates' three-decade reign in the role, in which he achieved the hitherto unprecedented feat of securing Australia as the host of two Olympic Games during his tenure.

ASC chief executive Kieren Perkins said Mr Coates stewardship set the stage for an exciting decade under the new president.

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"When you consider it took 60 years for Australia to first host the modern Olympics, at Melbourne in 1956, it is incredible to think that John played such a prominent role in securing both the 2000 Sydney Games and the 2032 Brisbane Games during his stewardship as AOC President," Mr Perkins said.

Ms Sukkar said that Coates had established an incredible legacy.

"For more than three decades as AOC President, John has devoted himself to the advancement of Australian sport, especially the Olympic sports that inspire and unite our nation," she said.

Despite stepping down as president Mr Coates will remain on the organising committee for the Brisbane games, and as a member of the International Olympic Committee until 2024.

In a speech at the AOC general meeting on Saturday, IOC president Thomas Bach also farewelled Mr Coates.

"You may not have the grace and elegance of Cathy Freeman and you may not have the dynamism of Dawn Fraser, but you are truly a "one off"," he said.

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