Satterthwaite, who was the White Ferns captain in 2018 and 2019, had a stellar 15-year international career, and was one of the country's greatest run-scorers.
She ends her time in international cricket as New Zealand's second highest ODI run-scorer (seventh all-time), the third-highest Kiwi run-scorer in T20s and still holds the best T20 bowling figures for the Ferns (6-17 against England).
"It is with a degree of sadness that I announce my retirement from international cricket," Satterthwaite said when announcing her decision.
"It has been a tough few days after learning of NZC's decision to head in a new direction and contract some younger cricketers.
"I am disappointed not to be receiving a contract and believe I still had more to offer, however I respect NZC's decision and I wish the White Ferns all the best as they embark on an exciting winter of cricket, including the Commonwealth Games. I'll be supporting them all the way."
Kerr paid tribute to Satterthwaite's service to New Zealand cricket, adding that she was a mentor to many including her.
"I remember my first tour for NZ as a young 16 year old and you took me under your wing and made me feel so welcomed. Since then I have loved being in your company and being able to share the field with you. You have given so much to the game here in NZ and around the world.
"You have been a mentor and a role model to so many and especially to me. You have taught me so much about the game. I'll miss our planning sessions the night before a game together and batting out in the middle with you but I know you will always be there supporting. It is people like you that have helped build an incredible culture and allowed cricket to grow here in NZ. Such a selfless human with a team first approach.
"This is not how a legend of the game, our most capped ODI player, the most down to earth person deserves to finish her career. We all love you Branchy and I'm so proud to be able to call you my friend. Congrats on an incredible career. I'll miss having my mum on tour … Thank you for being you, your legacy will always be remembered."
Satterthwaite will continue to play domestic cricket for the Canterbury Magicians and has a contract with the Manchester Originals in the Women's Hundred in August.
However, her decision to retire means she won't take part in the upcoming Commonwealth Games tournament in Birmingham.