"I'm very much looking forward to working with Amy who has an exceptional cricketing brain and I feel we can form a strong leadership partnership in combination with a well-established leadership group."
The process undertaken by New Zealand Cricket acknowledged from the outset that Satterthwaite remained the incumbent captain, but Devine's performances in charge got her the nod.
White Ferns head coach Bob Carter was impressed with the way Devine took the captaincy in her stride over the past season.
"Sophie is a strong leader, she has her own style and knows what she wants from herself and the team," Carter said.
"It's a testament to her ability as a leader that her performance with the bat last summer went to a new level. She leads with her actions and the team responds well to her leadership style.
"Amy is on the comeback to cricket after giving birth and she is progressing really well. Having her experience, knowledge and leadership working alongside Sophie is only going to benefit the team."
Satterthwaite told the Herald last month that she would have loved to continue as captain, but said her time in charge was a privilege.
"I'm looking forward to returning to international cricket and doing my best to support Sophie and the team," said Satterthwaite.
New Zealand Cricket chief executive David White said he was delighted to see Satterthwaite returning to international cricket and taking a leadership role alongside Devine.
"I want to congratulate Sophie on this appointment. It's always a great honour to captain your country and especially so in a season in which the Women's Cricket World Cup is being played in your own country.
"It's also really encouraging to see Amy coming back into the side and, with other senior players such as Suzie Bates, offering Sophie such strong leadership support."
Devine assumes the role of fulltime captain immediately with the White Ferns preparing for split-squad training camps starting in Lincoln next week.