Barker was offered a role as Performance Manager/Coach and Executive Team Member following a four-month period of restructure at Team New Zealand.
"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.
"Despite the media commentary in the last few weeks, all matters between us have been resolved satisfactorily," Emirates Team New Zealand chairman Keith Turner said.
"No settlement payment was made to Dean other than a standard notice period of three months salary."
"The Board and Management wish Dean well for the future and thank him sincerely for his huge contribution to ETNZ over 20 years" said Turner.
Barker was recently dumped as Team New Zealand helmsman for their 2017 America's Cup campaign in Bermuda, with Peter Burling and Glenn Ashby taking over.
He has signed up as tactician for a Russian team in the 2015 RC44 Championship Tour, which starts in Malta at the end of the month.
