By Michael Foster, Big4.com Blogger
Wells Fargo has elected a former PwC partner to its executive board. Howard Richardson, who also goes by “Rick,” will join the company’s board of directors on January 1st. Richardson retired from PwC last year after working for the Big4 firm for 35 years after leading the firm’s United States financial services and banking practice from 1996 to 2000 and its global banking practice from 1998 to 2002.
Wells Fargo Chairman and CEO praised Richardson’s experience with the Big4 firm as part of the bank’s reason for choosing him for the position. “Rick Richardson served PwC for over three decades in a wide range of leadership, audit and business advisory positions, including as the lead engagement partner for several of PwC’s largest financial services clients,” Stumpf said in a news release.
Likewise, Wells Fargo Lead Director Stephen Sanger pointed to Richardson’s experience with regulation and risk management at the Big4 firm, as both are increasing concerns in the financial industry. “Mr. Richardson has extensive financial, accounting, bank-regulatory and risk-management expertise, as well as valuable experience assisting financial services companies navigate complex operating environments,” he said.
Wells Fargo currently has 15 directors on its board; after Richardson takes his position, that number will increase to 16.