"For all intents and purposes I have been there for eight years, and I feel very strongly that eight years is enough and a fresh set of eyes will be a good thing for the Silver Ferns," said Taumaunu.
The highly regarded coach leaves the position without a major title to her credit after the injury-depleted Ferns suffered an 18-goal loss to Australia in the 2014 Commonwealth Games final, before falling to the Diamonds 58-55 in the World Cup title-decider last month.
Taumaunu admits last month's result in particular will grate for a long time "but it's still not a good enough reason to not allow a fresh approach to come in".
Netball New Zealand chief executive Hilary Poole paid tribute to Taumaunu saying she guided the team through a period of great change and growth over the past four years.
"Waimarama has left an indelible mark on our sport. She has instilled in the Silver Ferns a renewed sense of belief and fearlessness following their performances at Netball World Cup," Poole said.
"We are confident that she still has more to give and we are going to ensure that she remains involved in the game. As one of our sport's great, she will not be lost to netball in New Zealand; she is hugely respected by all at Netball New Zealand, and the Silver Ferns.
"It is important that Netball New Zealand now works through a very thorough appointment process for the Silver Ferns head coach role."
Taumaunu's tenure coincided with a difficult time for New Zealand netball with the national body failing to recognise the shortcomings in its player development structures early enough, leading to a major depth crisis. But Taumaunu said she doesn't feel she had been let down by Netball NZ's systems overher term."I've had a huge amount of support from the board and the administration, it's a great organisation to work for. So from that perspective I don't feel I was let down, but I do think in the intervening four years people have recognised we have to be smarter with what we've got to compete with the depth that Australia has."
Taumaunu said she is looking forward to leading the Ferns for one last campaign, where she hopes the players will continue the growth they have shown over the past couple of months.
"[The Constellation Cup] isn't about me. What I would really like to do is continue to build the platform with these youngsters and see progress each time we go on the court. And if we do that I'll be happy."
The four-test Constellation Cup series against the Diamonds begins in Christchurch on October 20, with matches also played in Auckland (October 22), Melbourne (October 25) and Perth (October 30).
