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Apple appoints Sue Wagner to board, Bill Campbell to step down

Apple has announced that Susan L. Wagner, founding partner and director of BlackRock has joined Apple's board of directors to replace Bill Campbell, who is retiring after 17 years of service.

Since co-founding BlackRock in 1988, Wagner has helped the firm become one of the most successful asset-management companies in the world. Wagner also continues to serve on the board of BlackRock, DSP BlackRock and Hackley School.

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Apple CEO Tim Cook said of the appointment, "Sue is a pioneer in the financial industry and we are excited to welcome her to Apple's board of directors. 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 new appointment may be a sign that Apple is looking to step up the pace of acquisitions after the purchase of Beats Electronics in May this year. Cook has claimed that the firm has purchased 24 companies in the past 18 months compared with just two known acquisitions in 2009.

The departure of Bill Campbell, who joined Apple back in 1983, marks a significant change for the company. After Apple co-founders Steve Jobs and Mike Markkula, Campbell was the longest serving board member in the firm's history.

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Apple has said it was looking to expand the board to include more women and minorities after facing criticism over a lack of diversity. With Wagner's addition, Apple now has two female directors after former Avon Products Inc. CEO Andrea Jung joined the board in 2008.