The 37-year-old father-of-six died in hospital following surgery after he was attacked by a group of masked men in Sydney's west in July.
It was a cold-blooded, callous and cowardly attack on a much-loved father and husband, NSW Homicide Squad commander Danny Doherty told reporters on Friday.
"For him to be attacked in broad daylight and lose his life in this manner is horrendous," he said.
The victim was with another man walking along Bangor St at Guildford on a Saturday afternoon when the attack took place.
They had parked a street over to eat a pizza and were headed to a friend's house, police said.
The other man distracted one of the attackers before retrieving the car and driving the victim to Westmead Hospital, where he died.
Police were treating the incident as a targeted attack that was possibly linked to a dispute over drugs, Detective Superintendent Doherty said.
"It wasn't just some random attack ... there's three cars involved and four people.
"Having four people gang up, or at least three get out of the car and attack one person, is a cowardly act."
A 23-year-old man was arrested at a jail on Thursday and charged with murder and participating in a criminal group.
Another 23-year-old man was charged with murder in the days following the attack when police raided a hotel room at Ryde.
He was also charged with possessing an encrypted phone and not complying with an order for police to access it.
The pair remain in custody and are due to return to court over the alleged murder on November 21.
They were both from Victoria, where they had some minor past interactions with police.
The man charged on Thursday was already in custody on other matters.
"That gave us some time to fully investigate and focus on them before charging with murder, so we're satisfied we've got a strong brief of evidence," Det Supt Doherty said.
Police are still searching for two other men seen walking away from a Toyota Aurion used to flee the Guildford scene, in the nearby suburb of Merrylands.
That car has been seized, while police believe a dark Toyota Corolla and a blue Subaru Liberty were also used in the attack.
