Team New Zealand says former skipper Dean Barker has rejected a new position following a restructure of the America's Cup syndicate.
In a statement, Team New Zealand chairman Keith Turner confirms Barker has decided not to accept the position of Performance Manager offered to him.
"We are disappointed that we have lost Dean from the team and hold him in the highest regard, but he has made it clear throughout this restructure process that he saw he was best suited to a role on the water as Skipper or sailing director," Turner says.
Last week Barker signed with the Russian Team Nika to compete in this year's RC44 series, which starts in Malta at the end of the month.
Turner says all matters between Barker and Team NZ have been "resolved satisfactorily".
"No settlement payment was made to Dean other than a standard notice period of three months salary."
Turner says they wish Barker well in the future and for his contribution to the team over the past 20 years.
The statement goes on to say that the team has carried out an investigation in the leaking of the news that Barker was being dropped as skipper late last month, and they're confident managing director Grant Dalton wasn't responsible for the leak.