Campbell – who held various roles at Standard Life over the course of two decades, including running its operations in the Asia-Pacific region – will replace Mary Reilly, who has beenin the job since the position was created in 2014.
Woodford's firm – Woodford Investment Management – has had an oversight board in place since 2014 despite corporate structures, including limited liability partnerships, not requiring one.
The industry has recently come under greater regulatory scrutiny as it continues to take market share from the world's diminished investment banks.
Last month the Financial Conduct Authority (FCA) warned that firms managing funds must be careful to make sure their product descriptions are clear and free of jargon.
The review by the Financial Conduct Authority (FCA) found that some funds were not providing consumers with a clear enough picture of their product or failing to provide funds with adequate governance or oversight.
Campbell's appointment to the Woodford role is in the process of being finalised, it was first reported by Sky News.
In a statement responding to Sky's enquiry about Ms Campbell's appointment, a Woodford spokesman said:
We will shortly be announcing the appointment of a new chairman to our Oversight Board, who will replace outgoing chair Mary Reilly.
Mary has stepped down from the role to scale down her non-executive commitments, some of which are overseas, and is working with us to ensure a smooth transition.
We would like to thank Mary for the crucial role she has played since launch in developing our procedures and processes.