Apple names Blackrock co-founder Wagner to board; Campbell retires

Having a financial wiz like Susan L. Wagner on Apple's board can't hurt---especially one who knows asset management. Apple has a massive pile of cash.

Apple said Thursday that Susan L. Wagner, co-founder of BlackRock, a massive asset management firm, will join the company's board.

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Wagner will replace Bill Campbell, who has been the third longest director in Apple's history. Apple started with the company in 1983 as vice president of marketing.

As for Wagner, she was vice chairman of Blackrock until mid-2012. She continues to serve on Blackrock's board.

Having a financial wiz on Apple's board can't hurt---especially one who knows asset management. Apple has a massive pile of cash and CEO Tim Cook hinted that Wagner would come in handy "especially in M&A and building a global business across both developed and emerging markets."

Wagner is one of Fortune's 50 most powerful women in business and the second high-profile female added to Apple's leadership team. The company put Angela Ahrendts, former Burberry CEO, in charge of its retail operations.

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