Baldwin is keen to remain a part of the organisation, albeit informally, to continue to try to assist it in any way.
Naming sponsor Kevin Atkinson said in a franchise statement today he was disappointed to see the former Tall Blacks coach go amid "a long-standing friendship".
"Tab is one of New Zealand's greatest coaches so it's sad to see him go but the team and management are in a pretty strong position and I'm sure there will be no shortage of interest from top coaches keen to move to Hawke's Bay," Atkinson said.
Hawks chairman David Aflallo said it was a mutual decision and Baldwin went with the franchise's blessing.
"He's leaving the team in a better position than when he arrived.
"It's unfortunate for us but we are excited about this coming season," Aflallo said.
Hawks general manager Tanya Dearns said the position would be advertised immediately.
"We get approached all the time by coaches keen to move to Hawke's Bay [to] coach the Hawks so I know we'll get plenty of interest in the role," Dearns said.
"Tab has been fantastic for us. He is well respected by the players and has had strong relationships with our sponsors.
"I've also enjoyed working with him this season and wish him all the best."
Baldwin would remain an avid Hawks fan, having played an integral part in the development of players and is keen to follow their success.
"The 2014 season was a great recovery from a tough 2013 campaign and it was characterised by the teamwork of the entire organisation," he said.
He hailed the board members, Dearns, her predecessor, Paul Trass, and the "tremendous team and support staff" he was blessed to work alongside.
He thanked the sponsors, especially Atkinson, who was instrumental in his arrival to the Bay.
"Most importantly, I want to say that regardless of where I coach now, the Bay is my home and the Hawks is my home team." Baldwin said, looking forward to the team adding to their only NBL title in 2006.
The multiple NBL title-winning coach would like to see his successor keep intact last season's roster but felt it would to be the decision of the new mentor and the management.
The squad oozed talent with a mix of experience and youth. He encouraged the players to stay and, hopefully, the franchise would retain the roster.
"At the end of the day, however, the new coach will want to and probably should have the right to build his own team. I'm pulling for the team to do one better than last year's beaten finalists."
Aflallo said "all players, including the starting five" were happy and returning to the fold.
They had been retained before Baldwin's decision but he echoed the latter's sentiments that Dearns had the specifics.
It is understood some players, including captain Paora Winitana, Everard Bartlett, and US imports Kareem Johnson and Dustin Scott have one-year contracts.
Aflallo said point guard Marcos Alexander, who had secured an ANBL contract, was going under a surgeon's knife in Auckland to fix his hip.
Retaining Bay players was imperative in a team who were "part of a culture and family".
He accepted the Hawks were cutting it fine on appointing a coach with the NBL tipping off in February. The vacant role was advertised on the Basketball New Zealand website yesterday but the franchise already had a few candidates putting their hand up. "We're going through a part of the process and we want it to be fair."
Keeping assistant coach Theo Tait in the matrix was also vital.
Asked if it was trying to lure back Paul Henare, Aflallo said: "Paulie's a local and very trusted in the Bay but he is with the Southland Sharks."
It was imperative, he said, the new coach fit into the club's culture and philosophy, not the other way around.
