Story's appointment comes as part of Motorsport Australia's new Commission structure, and follows a stint as the alternative Commission member on the Supercars Commission.
Story didn't reapply for his spot on the Supercars Commission at this year's AGM, Erebus CEO Barry Ryan taking over the position.
The DJR boss will head the AMRC, joined by Deputy Chair Vince Ciccarello, Australian Racing Group boss Matt Braid, Supercars TV presenter Andrew Jones and the Australian Grand Prix's general manager of motorsport Craig Fletcher.
The new Commission structure will be made up of three pillars, the AMRC sitting alongside the Australian Off Road Commission (AORCom) and the Australian Rally Commission (ARCom).
Jon Thomson will chair the ARCom with Deputy Chair Molly Taylor, joined by Neal Bates, Toni Feaver and Hamish Marquis.
The AORCom will be made up of Ben Erceg (Chair), Jeremy Beck (Deputy Chair), Matthew Martin, Don Young and Sam Beck.
“We now have three streamlined Commissions who will be responsible for helping set the strategic direction of the sport, in line with Motorsport Australia’s current Strategic Plan,” said Motorsport Australia CEO Eugene Arocca.
“The Motorsport Australia Board has approved these appointments, and there is a strong mix of Commissioners who will do a terrific job in this streamlined structure.
“On behalf of everyone involved in the sport, we thank our outgoing Commissioners for their hard work, some over a number of years.
“While there is no longer a specific Women’s Commission, it is important to note Motorsport Australia will continue to work hard to increase female participation, which will include the FIA Girls On Track programme and a number of new initiatives in 2021.”