Susan Wagner to replace Bill Campbell on Apple board of directors
Apple on Thursday announced Bill Campbell, the longest-serving member of the company's board, will retire after 17 years of service, to be replaced by BlackRock cofounder Susan L. Wagner.
Replacing Campbell is Susan Wagner, who cofounded global investment solutions firm BlackRock in 1998 and has held various executive positions including CEO, Head of Corporate Strategy and Vice Chairman. Since 2012, she has served as the company's director. Wagner is the second woman to be appointed to Apple's board of directors behind Andrea Jung, who was selected in 2008.
According to Apple, Wagner will juggle responsibilities at the Cupertino company while continuing to serve on the boards of BlackRock and DSP BlackRock, Swiss Re, Wellesley College and Hackely School.
"Sue is a pioneer in the financial industry and we are excited to welcome her to Apple's board of directors," said Apple CEO Tim Cook. "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."
Outgoing Apple board member Bill Campbell. | Source: The Batch Foundation
Campbell first joined Apple in 1983 when he took on the VP of Marketing role under then-CEO John Sculley. He parlayed that title to head the company's Claris software initiative until Sculley ultimately drew the program down in the mid-1990s, prompting Campbell to leave.
When company cofounder Steve Jobs returned to Apple in 1997, Campbell was installed to the board and has served there since, making him the longest-serving member alongside Jobs and Mike Markkula.
"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," Campbell said. "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."
Cook noted Campbell's presence on the board not only helped Apple survive, but allowed the company to reach a "level of success that was simply unimaginable back in 1997."
Replacing Campbell is Susan Wagner, who cofounded global investment solutions firm BlackRock in 1998 and has held various executive positions including CEO, Head of Corporate Strategy and Vice Chairman. Since 2012, she has served as the company's director. Wagner is the second woman to be appointed to Apple's board of directors behind Andrea Jung, who was selected in 2008.
According to Apple, Wagner will juggle responsibilities at the Cupertino company while continuing to serve on the boards of BlackRock and DSP BlackRock, Swiss Re, Wellesley College and Hackely School.
"Sue is a pioneer in the financial industry and we are excited to welcome her to Apple's board of directors," said Apple CEO Tim Cook. "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."
Outgoing Apple board member Bill Campbell. | Source: The Batch FoundationCampbell first joined Apple in 1983 when he took on the VP of Marketing role under then-CEO John Sculley. He parlayed that title to head the company's Claris software initiative until Sculley ultimately drew the program down in the mid-1990s, prompting Campbell to leave.
When company cofounder Steve Jobs returned to Apple in 1997, Campbell was installed to the board and has served there since, making him the longest-serving member alongside Jobs and Mike Markkula.
"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," Campbell said. "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."
Cook noted Campbell's presence on the board not only helped Apple survive, but allowed the company to reach a "level of success that was simply unimaginable back in 1997."
Comments
Not crazy about the BlackRock bit, but I suppose at this level these kinds of industry connections are unavoidable. I understand BlackRock is one of the largest holders of AAPL stock. I have a feeling this will cause more hesitancy/risk avoidance in the board.
http://finance.yahoo.com/q/mh?s=AAPL+Major+Holders
Wagner has one heck of a pedigree, though: http://investing.businessweek.com/research/stocks/people/person.asp?personId=22072913&ticker=BLK
I'm surprised there is no one from Vanguard on the Apple board yet.
After spending $3 billion on Beats, I find that quote very interesting.
I wonder if Cook has his eyes set on some more big mergers/acquisitions. Since I never in a million years would have guessed Beats, I can't even begin to imagine what else TC might be thinking of...
Do they really need 2 photos of Bill Campbell?
EDIT...they fixed it.
"...especially in M&A..."
After spending $3 billion on Beats, I find that quote very interesting.
I wonder if Cook has his eyes set on some more big mergers/acquisitions. Since I never in a million years would have guessed Beats, I can't even begin to imagine what else TC might be thinking of...
As a founder with BlackRock she's been on board with some massive acquisitions.
Maybe an AT&T or IBM acquisition isn't as far-fetched as they might initially seem.
She looks a bit like the Emperor from Star Wars...and that Dutch angle on her picture isn't helping matters.
Cook specifically called out M&A. Sue Wagner has experience with that, especially internationally. I have a feeling Apple may be going on a buying spree the next few years.
I removed the "slimy" part of my comment until I know more about this.
Cook specifically called out M&A. Sue Wagner has experience with that, especially internationally. I have a feeling Apple may be going on a buying spree the next few years.
You may be right.
I'm just happy Bill Campbell is gone. Now replace Al Gore with Elon Musk and I'll be really happy.
Al Gore (theoretically) helps out on the political front and heaven knows politicians have been getting a whole lot more "grabby" with Apple lately. Apple could probably use more assistance on the international political scene also.
"According to Apple, Wagner will juggle responsibilities at the Cupertino company while continuing..."
Somehow I doubt that's how Apple characterized this.
I'm just happy Bill Campbell is gone. Now replace Al Gore with Elon Musk and I'll be really happy.
Elon "I put all our patents in the public domain" Musk might not be culturally compatible with Apple.
As a founder with BlackRock she's been on board with some massive acquisitions.
Maybe an AT&T or IBM acquisition isn't as far-fetched as they might initially seem.
I would think an AT&T purchase would (1) be too US-centric and (2) do more harm than good since it would alienate every other carrier.
But IBM.... if it could be done it could create an incredibly powerful company. If it happens, though, it won't be any time soon. They'll see how this new partnership goes, try out some partnerships with IBM in other areas, and if all that goes well, then maybe.
he sure didn't help when it came to the justice department and e-books.
Actually, the settlement may amount to as little as $0 according to Rene Ritchie at iMore.com because Apple is still free to pursue an appeal with no penalty to them during this phase. I think if Apple can get away from Judge Denise Cote and her reckless rulings they will have a better shot at a fair verdict.
I'm just happy Bill Campbell is gone. Now replace Al Gore with Elon Musk and I'll be really happy.
I’d take a dead chicken over Al Gore (even typing the name burns).
Regardless she sound innocuous enough and the rad femies have their knickers in a knot over lack of lady reps at the top in the corporate world. Well, here’s one for ya.
Campbell was getting a bit long in the tooth. Gore and Jung should be replaced next.
It is a mistake to think that the merge between tech and biology isnt coming already.
Without science minded individuals at the board of directors, you get a bureaucratic minded group of people who will function like our government (badly).
A director of "simplicity" is also needed who can take EVERY process that the company uses such as HR or manufacturing or WHATEVER and looks to setup catalysts for more simplified operations. Reductions in paperwork, redundancies, etc. in effect, design the company just like you design an iphone... Simpler and designed to be more functional with each iteration.
Am I insane here? I would be happy to take care of both problems if anyone at apple wants my CV.
What’s incorrect about his second sentence?