Cate Sayers received an apology from Mr Sayers, the immediate past president of the Carlton Football Club, in the Victorian Supreme Court on Friday as the pair settled her defamation case.
"I commenced these proceedings to establish the truth, clearly and finally," she told reporters outside court.
"With Luke's apology, I feel I have achieved what I set out to do."
Ms Sayers had taken her ex-husband to court, claiming he defamed her in a statutory declaration over the incident in January 2025.
In the document, Mr Sayers accused his ex-wife of accessing his X account, posting a photograph of his genitalia and tagging a female executive at Bupa.
The declaration was sworn by Mr Sayers in the weeks after the controversial post, which was quickly deleted, as the AFL and Carlton investigated.
Lawyers for Mr Sayers read out the apology in court on Friday morning after indicating the case had settled.
"I acknowledge the extreme hurt and harm caused to Cate Sayers occasioned by the suggestion ... that she posted or may have posted an explicit image on my X account," barrister Sandip Mukerjea said on behalf of Mr Sayers.
"I accept she did not do this. To the extent I may have suggested otherwise, I apologise unreservedly to her."
Ms Sayers acknowledged the apology and thanked those who had supported her through the legal battle.
"This brings to a close a painful and difficult chapter that began with extraordinary claims made about me that were accepted without challenge by powerful institutions and powerful people," she said.
"I wish to thank those people who reached out to me in solidarity.
"I hope today's outcome gives some strength to you all."
In May, Mr Sayers, a former PwC chief executive, applied to have the case transferred to the Federal Circuit and Family Court of Australia where the matter would be heard in private.
Justice Andrew Watson rejected the application in June, finding the Supreme Court was the more appropriate venue for a defamation claim.
In dismissing the proceedings on Friday, the judge commended the parties for reaching the settlement, the terms of which were not discussed in open court.
"All litigation involves time, expense and risk," Justice Watson said.
"There was every reason to expect this proceeding would be no different."
Ms Sayers, who said she wanted to move forward with her life, did not confirm whether the settlement included a monetary component.
Mr Sayers chaired the Carlton board from 2021 to 2025.
Before that, he headed consultancy firm PwC Australia between 2012 and 2020.
At an inquiry into a confidentiality and tax scandal in 2023, he apologised while stating he had no knowledge of it during his tenure.
"If the (tax office) had directly and formally advised me as the CEO of PwC Australia ... I would have sought details and ensured a full and thorough investigation," he said at the time.
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