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Bill Campbell steps down from Apple board, replaced with BlackRock's Sue Wagner

Apple announced today that longtime board member Bill Campbell is stepping down after 17 years of service. In his place steps in Susan Wagner, the co-founder of the global investment management company BlackRock.

"Sue is a pioneer in the financial industry and we are excited to welcome her to Apple's board of directors," Tim Cook said in a press release. "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."

The press release also relays comments from board member Art Levinson who notes that Apple conducted an "exhaustive search for someone who would further strengthen our board's breadth of talent and background..."

As for Wagner's background, Apple adds the following details:

Wagner graduated with honors from Wellesley College with a BA in English and Economics, and earned an MBA in Finance from the University of Chicago. She has been recognized as one of Fortune Magazine's 50 Most Powerful Women in Business and honored by the National Council for Research on Women. At BlackRock, she championed and continues to support the Women's Initiative Network, designed to foster the full potential of women within the company.

Apple in the past has been criticized over having a lack of diversity amid its upper ranks. With Wagner now in the mix, Apple now has two female board members, the other being Andrea Jung.

As for Campbell, he's something of a Silicon Valley legend, having held executive positions at companies like Apple, Claris, GO, and Intuit.

During his first stint at Apple, Campbell served as the company's VP of marketing throughout the 80s and early 90s. He returned to the fold once Steve Jobs came over via NeXT and asked him to join the board. Looking back, Campbell says that the invitation from Jobs took his breath away.

Fortune has an in-depth look at Campbell's tenure at Apple that's well worth checking out.

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