Alexander John Smolenski (70), of Alexandra, a member of the Dunstan Arm Rowing Club, fell into the lake near Clyde while training in calm conditions on Saturday morning.
He was one of several rowers training on the lake that morning and others came across his overturned single skiff about 200m from shore at Weatherall Creek, near the rowing club headquarters.
His body was later found near the place where the skiff was discovered.
Family members kept a vigil by the site yesterday while the national police dive team carried out the search and recovery, Sergeant Ian Kerrisk, of Alexandra, said.
"While this is a very distressing time for the family, they take some comfort from the fact that we have been able to recover him," Sgt Kerrisk said.
The two-day air, land and lake search involved Clyde Coastguard, Clyde Fire Brigade, St John Ambulance personnel, police and rowing club members.
Mr Smolenski's family and those groups, together with Victim Support people, took part in the blessing service held at the lake last night.
Mr Smolenski was a master rower with many years of rowing experience, police said.
"He was a very fit man and a good swimmer.
"The circumstances as to how he came to fall out of the skiff will form part of the coroner's inquiry," Sgt Kerrisk said.
Dunstan Arm Rowing Club president Gerard Mulvey, of Clyde, said the club had lost a "very strong and supportive, active member."
Mr Smolenski was a committee member and was active in all club events, Mr Mulvey said.
He was a keen and regular competitor at rowing regattas, including one last weekend on Lake Dunstan.
Former club publicity officer Russell Mills, of Alexandra, described Mr Smolenski as "the first to put his hand up to help out if there was anything to be done for the club."
Mr Mills was the race commentator for the South Island junior rowing championships held during the weekend at Lake Ruataniwha and said "an awful lot of people" mentioned how sorry they were to hear about Mr Smolenski.
"He was extremely popular," Mr Mills said.
Mr Smolenski started rowing as a youth at the Port Chalmers Rowing Club and took up the sport again in Alexandra, after he retired as a plasterer.
"He was a very competent rower and a genuinely good bloke," Mr Mills said.
Four members of the Wellington-based national police dive squad began their task on Saturday evening.
They completed one dive before dark that day and brought in extra equipment and three extra staff to continue their efforts yesterday , locating the missing man about 2.30pm.
Sgt Kerrisk said the deep water made visibility difficult for the divers but declined to say how deep the water was where Mr Smolenski was found.
The lake had been closed from Dairy Creek to the Clyde dam as the search was carried out.
Boat jetties and beaches in that area were closed to the public.
"We're grateful to the public for keeping away from the area so that we could carry out our work.
There was nobody at this end of the lake today, when generally, on a sunny Sunday, it would be very busy," Sgt Kerrisk said.
The lake will reopen today Emergency services were called to the site about 8.30am on Saturday.
Extensive searches of the shoreline and lake were carried out on Saturday using coastguard and fire rescue boats and a helicopter team from Queenstown with trained air observers on board.
Shoreline and lake searches continued yesterday morning.
