Mr Taylor announced his decision to resign from the position on Wednesday morning after being told by the Queenstown Lakes District Council he would be removed if he did not resign within seven days.
The remaining board members, Murray Valentine, Alison Gerry and James Hadley, said in their statement Mr Taylor's knowledge of the airport, commercial experience and judgement would be missed.
"The four years of Mr Taylor's chairmanship has been a period of strong, decisive leadership, which has ensured the delivery of projects critical to the ongoing capacity of Queenstown Airport."
The directors said the future viability and growth of competitive air services to Queenstown had been enhanced under Mr Taylor's direction and "his drive has ensured that major projects which otherwise may not have happened have been completed".
Those included the runway end safety area, the baggage area, work on noise boundaries and the "nationally significant" notice of requirement for a portion of land on the airport's southeast boundary.
"Many of these achievements have been quietly made without recognition or fanfare."
Mr Taylor had "challenged management" to identify opportunities to drive operational and infrastructural efficiency and airport operational expenditure had been "held steady" over the past three years, they said.
Runway lighting and the common departure terminal were two "very real initiatives" instigated at the airport under Mr Taylor's chairmanship.
"Providing infrastructure to meet the growth we are experiencing, the restructuring of the airport's balance sheet and the strategic partnership with Auckland Airport are all key factors that are making Queenstown Airport a key contributor to the businesses and local community.
"The airport has doubled its turnover to $15 million during the four years that Mr Taylor has led the board.
"The board is committed to maintaining its focus on making Queenstown Airport a business that the council, ourselves, those who work here and the community are all proud of."
Mr Taylor was forced to resign following recent extraordinary meetings of the council, related to the controversial strategic alliance between Auckland and Queenstown airports, announced last July.
In his statement on Wednesday, Mr Taylor said he continued to "strongly support" the board's decision last year to "de-risk the business and introduce new capital to fund expansion and capitalise on the growing market".
"The board chose a new shareholder that could add significant experience and value as opposed to offering the opportunity to local interests."
Mr Taylor said the company would be in a position to pay a "significant dividend" this year, which would not have been possible otherwise.
"I leave the airport with a sense of pride, having been one of those who have contributed to the company's development over the years.
"I am happy to be judged on the company's results and achievements during my term and in the immediate future."
Meanwhile, Mayor Vanessa van Uden said a "robust" process was in place to replace Mr Taylor as board chairman.
The process could take several weeks and an interim director would be appointed.
