The longest-serving board member in Apple's history is retiring after 17 years.
Bill Campbell joined Apple's board in 1997 at the request of then-neighbor Steve Jobs, though his relationship with Apple dates back to 1983, when he joined the company as vice president of marketing. His departure from the board made way for Apple to appoint Susan Wagner, founding partner of money manager BlackRock, as a director.
"Sue is a pioneer in the financial industry and we are excited to welcome her to Apple's board of directors," Apple CEO Tim Cook, said in a statement. "We believe her strong experience, especially in M&A and building a global business across both developed and emerging markets, will be extremely valuable as Apple continues to grow around the world."
Wagner in 1988 co-founded BlackRock, which is now one of the top asset-management companies. She graduated from Wellesley College with a BA in English and Economics, and went on to earn an MBA in finance from the University of Chicago.
"I have always admired Apple for its innovative products and dynamic leadership team, and I'm honored to be joining their board," Wagner said. "I have tremendous respect for Tim, Art and the other board members, and I look forward to working with them."
Wagner, who has been named one of Fortune Magazine's 50 Most Powerful Women in Business, continues to serve on the boards of BlackRock and DSP BlackRock (India), as well as Swiss Re, Wellesley College, and Hackley School.
Meanwhile, Cook said that exiting board member Campbell's contributions to Apple are "immeasurable."
"When Bill joined Apple's board, the company was on the brink of collapse," Cook said. "He not only helped Apple survive, but he's led us to a level of success that was simply unimaginable back in 1997."
For his part, Campell said that working with Cook and Steve Jobs has "been a joy."
"The company today is in the best shape that I have seen it, and Tim's leadership of his strong team will allow Apple to continue to be great going forward," Campell said.