"He was an amazing person who did things his own way."
Walden is survived by his wife Annie and two children, Joanna and Michael.
Earlier this year, the adman sold his three-storey harbour view home in Herne Bay , which has been a labour of live since he and his wife purchased it in 1997.
"I love waking up there every morning," he told the Herald
"I don't even need a watch or a bedside table clock; I can lift my head off the pillow and I can tell by the amount of traffic coming down the bridge what time it is. That's how good it is."
Scientist Sir Ray Avery paid tribute to "Devo", calling him an icon in the advertising world and great supporter of his charity, Medicine Mondiale, which provides healthcare and equipment to poor and developing nations.
"He was larger than life but also one of the cleverest advertising guys I have ever met.
"To me he was a great friend and mentor in terms of understanding how the advertising industry works," said Sir Ray, who first met him when the pair were on the Fred Hollows Foundation board in the 1980s.
Sir Ray said he asked Devo how do you make a great ad, to which he replied: "It's just telling the story."
"He was one of those people who gave you the best man hugs in the world...and a kiss on the cheek, and then tell me what I was doing wrong. I will miss him. I love him."
Sir Ray said his charity had a low cost incubator about to go out into the market and as a tribute to his friend one them would be called "Devo the dinosaur" and another one "Dr Devo".
ASB chief executive Barbara Chapman said Walden had a really intuitive feel for what New Zealanders think and brought that to life through the Goldstein campaign.
"They pitched for the ASB business and Devo fronted it all along, along came Goldstein and we worked on that together for many years and became great friends as a consequence.
"He was just a larger than life character and a really great New Zealander. I'm going to miss him," Ms Chapman said.
Mike Hutcheson, another high-profile adman, said Walden was a great character, generous of spirit, smart, the consummate ad man and formidable opponent. He was also a friend.
"When I got the news it actually took my breath away. He was a big man. The light has gone out," Mr Hutcheson said.
Peter Cullinane, former Saatchi & Saatchi boss and founder of Lewis Road Creamery, said Walden was "absolutely one of our industry's great characters".
"He was also bloody good at his job. Everything he did with a flair that was second to none.
"He was someone who lived for his work and the excitement of it all. He had a fabulous run," Mr Cullinane said.
Former Colenso boss Roger MacDonnell also credited Walden as one of the great personalities of the business.
"He always had a great culture in his agency, he always put people first, someone who really loved his kids and family. He will be really hugely missed in the business."
Mr MacDonnell said he was among six or seven friends who had lunch in Ponsonby with Walden a few days ago.
"We were not sure if he would actually show up or not, but he duly arrived, he actually looked good and sat down at the head of the table.
"He went around the table and made a little speech for everyone which was funny and what have you. He was in his element because he liked talking. I left thinking what a wonderful afternoon it was and how happy he was," Mr MacDonnell said.
In a published tribute to Walden, Scott Whybin, said he opened a New Zealand office to work with Walden again.
"He was an inspiration at Whybin TBWA. He had largesse. He lit up a room. And he was the best at the game.
"In fact, the bigger the problem the bigger the White Horse Devo rode in on. I love him and always will."
Walden was 66.
