Apple will report its quarterly earnings on July 22nd, but the company just announced a bit of a board shake-up ahead of that — Bill Campbell, the company's longest-tenured board member, is retiring after 17 years of service. He'll be replaced by Sue L. Wagner, a co-founder and director at investment management firm BlackRock. "Sue is a pioneer in the financial industry and we are excited to welcome her to Apple's board of directors," said CEO Tim Cook in a press release. "We believe her strong experience, especially in M&A [mergers and acquisitions] and building a global business across both developed and emerging markets, will be extremely valuable as Apple continues to grow around the world." With Wagner's appointment, two of the eight members of Apple's board are women.

Campbell will be retiring after working with Apple since 1983, when he joined the company as VP of marketing. He joined the board in 1997 and was a member throughout Steve Jobs' second tenure as Apple CEO. "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. "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."

These changes follow a recent report from The Wall Street Journal which claimed that Cook as "actively seeking new directors to add to Apple's eight-person board." Prior to today's change, six of the seven outside board members were aged 63 and older, and four had served for more than 10 years. While the board hasn't changed much in recent years though, it does have an unusually broad range of experience in technology, business, entertainment, government, clothing, biotechnology, and even beauty products.

The company's last big adjustment to its board was in November 2011, naming Arthur Levinson as non-executive chairman of its board, along with Disney CEO Robert Iger as a board member. Whether or not Cook has more changes planned for the board remains to be seen, but it wouldn't surprise us if he's asked about his plans during Apple's earnings call next week.

Josh Lowensohn contributed to this report.