Susan Wagner, a founding partner of investment firm BlackRock (BLK) will retire at the end of the month, the company said.

She has been elected to the board of directors and will take her seat beginning with the October meeting, the company said in a news release.

Wagner also will continue to serve as a director of DSP BlackRock Investment Managers, the firm’s joint venture in India.

“Sue’s election to the board reflects the profound contribution she has made to BlackRock and our clients in a range of leadership positions since 1988, and I am delighted that the firm will continue to benefit in new ways from her exceptional insight and strategic vision," said Laurence Fink, chairman and CEO of BlackRock.

"Sue has spearheaded every critical corporate transaction in our history and played a pivotal role in the genesis of many of the businesses that have become central to our success."

Wagner said it was a privilege to be part of the team that "built an organization that is uniquely positioned" to meet its clients investment needs and said she looked forward new challenges serving on the board.