Wells Fargo Expands Board as Richardson Joins Auditing Panel

Wells Fargo & Co. (WFC), the biggest U.S. home lender, named Howard V. “Rick” Richardson to its board of directors, bringing the total to 16.

Richardson is a retired partner of PricewaterhouseCoopers LLP, San Francisco-based Wells Fargo said today in a statement. Richardson, who worked at the accounting firm for more than three decades, will join the board’s audit and examination committee, Wells Fargo said. He starts on Jan. 1.

“Richardson has extensive financial, accounting, bank regulatory, and risk-management expertise, as well as valuable experience assisting financial services companies navigate complex operating environments,” Stephen W. Sanger, the board’s lead director, said in the statement.

Richardson is the third director named in the last 18 months, joining two former U.S. Cabinet secretaries. Federico Pena, who led the transportation and energy departments for President Bill Clinton, was added to the Wells Fargo board last November and Elaine Chao, George W. Bush’s labor secretary, joined in July 2011. Wells Fargo is run by Chairman and Chief Executive Officer John Stumpf, 59.

To contact the reporter on this story: Dakin Campbell in San Francisco at dcampbell27@bloomberg.net

To contact the editors responsible for this story: Rick Green at rgreen18@bloomberg.net; David Scheer at dscheer@bloomberg.net.

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