The Seven West Media executive chairman replaces Rear-Admiral Ken Doolan, who completed his three-and-a-half year term as chairman of the council on Wednesday.

Mr Stokes has been reappointed to the Memorial's Council three times since 2007.

He said he was honoured to be "entrusted" with this new role.

"The Australian War Memorial reflects so much of who we are as a country today and the sacrifices of many Australians and their families," Mr Stokes said.

"We will ensure those men and women who served this country and continue to serve will never be forgotten."

Memorial Director, Dr Brendan Nelson, welcomed Mr Stokes into the role.

"He is a great Australian who has contributed much to our country on so many different levels - from his business acumen in building the Seven Network and other corporate entities to his passion for Australia's military history and support of the uniformed men and women who serve our nation," Dr Nelson said.

Dr Nelson also paid tribute to the outgoing Rear-Admiral Doolan, who also serves as the National President of the Returned and Services League.

"His contribution to Australia's military history and commemoration has been significant by any standard," Dr Nelson said.

"Under his leadership and guidance the Memorial has seen major changes to its operations, galleries and place in the heart of the nation.

"Admiral Doolan has made a major difference and left an enduring legacy."