Mrs Barlow, who has led the company for the past 12 years, will remain as a director on the Summerset board following her retirement in the first half of next year.
Chairman Rob Campbell described her as an ''outstanding'' chief executive who had taken the company from a small family business to New Zealand's third-largest retirement village operator and second-largest developer, with a market capitalisation of about $650 million and more than $750 million in assets.
Yesterday, Mrs Barlow said her decision was not about loss of passion; she was as passionate about her work as when she started, but she felt it was time to move on to a governance position.
Summerset was performing very well, it was listed on both the NZX and ASX, was growing rapidly and she was confident the platform was well established for continued success. It was also good to have new thoughts and ideas in the company, she said.
She paid tribute to the ''wonderful, talented and passionate people'' throughout the business who cared deeply for Summerset ''and more importantly for our residents''.
''During my time as CEO I have come to know many people well, including many long-standing residents, and I value these relationships deeply.
''When we started out, John O'Sullivan, Summerset's founder, had an idea to create a retirement community which his grandmother would be pleased to be part of.
''That idea has guided us throughout our 16 years in business and I feel heartened every time I step into a village and see that it is a reality,'' she said.
As well as being an emotional day, it was also an exciting day and she was looking forward to pursuing other governance-related roles and spending time with family. She also looked forward to her continued involvement on the board.
Mrs Barlow, who is in her mid-50s, has been with Summerset since 1999, initially as the company's accountant before becoming chief executive in 2001.
Summerset's chief financial officer, Julian Cook, who has been appointed incoming chief executive, said Mrs Barlow had grown the company ''from literally nothing'' and it had been a ''phenomenal'' achievement.
While Mr Cook said he definitely had his own style, he did not think there would be a real change of direction or strategy for the company under his leadership.
He welcomed Mrs Barlow's ongoing involvement with the board.
He has been chief financial officer for the past three years, following 11 years at Macquarie Bank, where he spent several years working in the retirement and aged-care sector.
