Apple’s Bill Campbell retires from board; to be replaced by Sue Wagner

Apple’s Bill Campbell retires from board; to be replaced by Sue Wagner

Tech giant Apple announced changes to its board on Thursday, revealing that its longest-serving director Bill Campbell, 73, is retiring from the board. Campbell, who has had a 17-year stint a member of Apple's board of directors, was among the most trusted advisers to late Apple CEO Steve Jobs.

The retirement of Campbell from the Apple board will clear the way for the company to bring on former BlackRock Vice Chairperson Sue Wagner to its board.

The appointment of Wagner - one of the founding partners of money manager BlackRock - to the Apple board is a noteworthy move by the company, especially since tech companies have, of late, been facing criticism about a shortage of women in key positions. With Wagner on board, Apple will have two female directors; the other being former Avon Products CEO Andrea Jung who joined the Apple board in 2008.

Noting that Wagner, before her retirement in 2012, contributed immensely to BlackRock's deals for units of Merrill Lynch & Co. and Barclays Plc, Apple CEO Tim Cook said in a Thursday statement that Wagner's appointment as a board member brings to Apple vast experience in mergers and acquisitions.

With regard to Wagner's appointment as a director of the Apple board, the company's chairman Art Levinson said: "We conducted an exhaustive search for someone who would further strengthen our board's breadth of talent and background. I'm confident that Sue is going to make an important and positive impact on our company."

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