After having served Apple for 17 years, Bill Campbell is retiring and will be replaced by BlackRock’s co-founding partner and director Susan L. Wagner.

Apple issued a statement on July 17, announcing Campbell’s retirement.

"Bill’s contributions to Apple are immeasurable and we owe him a huge debt of gratitude. On behalf of the board and the entire company, I want to thank him for being a leader, a mentor and a friend," Apple’s CEO Tim Cook said in a statement.

Cook added that Campbell, 73, joined the board when the company was about to fold. Campbell, however, helped the company survive and led it to success.

"Over the past 17 years, it’s been exciting to watch history unfold as Apple emerged as the premier technology company in the world. Working with Steve and Tim has been a joy," said Campbell, who is considered as the longest-serving member of the board of Apple.

Apple also announced Wagner’s election to the board of directors of the Silicon Valley company.

"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," Cook said.

As a co-founder of BlackRock, Wagner helped the company become among the most successful asset management companies in the world. She held various leadership positions in the company, including as vice chairman till mid-2012. She remains on the boards of BlackRock, DSP BlackRock, Hackley School, Wellesley College and Swiss Re.

Art Levinson, Apple’s chairman, also said that they conducted a thorough search for an individual who could contribute in strengthening the background and breadth of talent of the board—and found Wagner a perfect fit.

"I’m confident that Sue is going to make an important and positive impact on our company," said Levinson in a statement.

Meanwhile, Wagner also expressed joy and appreciation for having joined Apple’s board.

"I have always admired Apple for its innovative products and dynamic leadership team, and I’m honored to be joining their board," Wagner said, adding that she has great respect for Cook, Levinson and other members of Apple’s board.

Wagner earned Forbes Magazine’s recognition as among 50 Most Powerful Women in Business. The National Council for Research on Women also honored her for her work. She graduated with honors on BA in English and Economics at the Wellesley College and obtained an MBA in Finance at the University of Chicago.