Penguins (Sphenisciformes) have arguably the most complete and continuous fossil record of any avian clade, offering an ever-improving understanding of penguin phylogeny, biogeography, and the evolution of wing-propelled diving. Yet, our knowledge of the precise body proportions of stem-group penguins remains poor due to a dearth of articulated specimens. Here, we describe Kairuku waewaeroa sp. nov., a new giant penguin species from the Glen Massey Formation (Whaingaroan stage, 34.6-27.3 Ma). The holotype skeleton, discovered in Kawhia Harbour, North Island, New Zealand, is one of the most complete skeletons of a giant penguin yet uncovered. Our phylogenetic analysis recovers a clade uniting the New Zealand endemics Kairuku waewaeroa, Kairuku waitaki, and Kairuku grebneffi, which is supported by synapomorphies including a stout femoral shaft and tibiotarsi with a distinctly convex medial condyle. Kairuku waewaeroa is unique among stem penguins in having elongate tibiotarsi, revealing a new long-legged stem penguin body plan. The discovery of Kairuku waewaeroa contributes yet another penguin species to an Oligocene avifauna for Zealandia that is replete with giant birds.