Chesterman is the AOC vice-president, and acted as the chef de mission for the Australian squad at the 2020 Tokyo Olympics, and six Winter Games before that.
He has been a member of the AOC team since 2001.
Coates, who turns 72 next month, will work with the International Olympic Committee until 2024 as vice-president.
Working alongside Queensland Premier Annastacia Palaszczuk, Chesterman is tasked with leading the charge ahead of Brisbane 2032, brining Australia's unique touch to the games which will be viewed on a global scale.
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