Silk was elected at the Hawks' annual general meeting, held online on Tuesday night, when Kennett was again forced to defend the board's handling of Alastair Clarkson's exit under pressure from club members.
Incumbent director Tim Shearer was re-elected to the board, while lawyer Jennifer Holdstock missed out on one of the two available positions.
Kennett, in his second stint with Hawthorn, has given mixed messages in recent months about his future at the club.
But he has indicated he is prepared step down from the presidency before the end of his current term - which runs to the end of 2023 - if the club finds someone he sees as the right person to take over.
A nominations committee will make a recommendation on the 73-year-old former Victorian premier's successor in the first half of next year.
Silk looms as a possible candidate and has been endorsed by the Hawks For Change group, which features 11 premiership players, including Gary Ayres, Andrew Gowers and Peter Schwab.
The group has been agitating for new leadership after a failed succession plan led to a messy separation with Clarkson, one year before the four-time premiership coach's contract was due to run out.
The Hawks, who finished 14th with seven wins and two draws in Clarkson's final season at the helm, have since embarked on a rebuilding mission under former premiership star Sam Mitchell.
"Yes, we had to make a tough decision this year which has not been necessarily applauded by all members," Kennett said.
"Sometimes leadership is required in order to bring about change, fresh ideas to re-motivate and to re-align players and coaching programs in order to succeed."
Kennett was asked by Hawthorn members to name the directors who voted against renewing Clarkson's contract beyond 2022, but insisted it was a unanimous board decision.
Clarkson's early departure has cost the club about $900,000.
"We honestly thought that he would coach next year but as you know, he had a change of mind," Kennett said.
"We accept that, based on what he has done for the club over the last 17 years ... it was one of the reasons why we paid him one year's salary.
"He has been a very good servant to the club (and) he has delivered, with his players, four premierships.
"We respect that, but for everyone, regardless of where we live and what we do in terms of employment, there comes a time for change."
Hawthorn captain Ben McEvoy has been made a life member of the club, while Hawks great Don Scott will be elevated to official 'Legend' status next year.
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