The American-born vice-chancellor is leaving the post she has held for the past decade next month.
She leaves behind a university where she has worked since 1992.
After receiving an honorary doctor of laws degree, Prof Hayne gave her valedictory address at the university’s first official graduation ceremony in more than a year, at the Dunedin Town Hall, at the weekend.
In a brief, but well-received speech, Prof Hayne reflected on her favourite childhood movie, The Wizard of Oz, and on a year in which every scheduled graduation ceremony was cancelled due to Covid-19, or a December security threat.
It was Prof Hayne’s first time as guest speaker and the more than 220 graduates present had already graduated in absentia at the weekend.
And she sought to offer the graduates some "gentle advice".
But the university not only survived, it thrived.
She found that when a challenge came to her, she was braver and stronger than she had imagined.
And she wanted the graduates to know, when challenges came to them, they would find the same strength.
But just as children were told to hold hands when they crossed the street, or a river, she asked graduates as adults to hold hands and to stick together too.
She urged them to find common ground, form teams and tell their stories of heartache and failure that "have undoubtedly made you a better, more empathetic person".
The Wizard of Oz showed the Tin Man, the Scarecrow and the Lion each seeking what everyone sought: a warm heart, a wise brain and the courage to face their fears.
But the other fundamental message of the story came as a reminder from Dorothy, Prof Hayne said.
"I have literally spent half of my life here at Otago," she said.
"Otago is my home.
"But like many of you, I am about to embark on a brand new adventure — far away from Otago.
"As I go, I will take with me all of the important lessons that I have learned from this fine university.
"As all of us prepare for the next phase of our life’s journey, I know we will continue to need warm hearts, wise brains and the courage to face our fears.
"We should also remember, that there is no place like home."
Prof Hayne will start as vice-chancellor at Curtin University in Perth, Western Australia, in April.
She was the first female vice-chancellor at the University of Otago.
At Saturday’s ceremony, she was thanked for her leadership through the Christchurch earthquake, and the creation of the Sophia Charter, named after Sophia Crestani, who died at a flat party as a second-year student in 2019.
Prof Hayne was celebrated for her courage and her student-centred approach to university administration.
London-based New Zealand bass-baritone, and University of Otago alumnus, Jonathan Lemalu performed at the ceremony.
And before the ceremony graduates paraded through the city for the first time since 2019.
