Wells Fargo (WFC) is expanding its board.

The $1.3 trillion-asset company said this week that its directors have elected Howard "Rick" Richardson to the board effective Jan. 1.

Richardson, who is expected to serve on the board's audit and examination committee, retired last year from Pricewaterhouse Coopers after 35 years with the firm. He led Pricewaterhouse Coopers' U.S. financial services and banking practice for four years beginning in 1996 and its global banking practice for four years starting in 1998.

"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," John Stumpf, Wells Fargo's chairman and chief executive, said in a news release Wednesday.

"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," Stephen Sanger, Wells Fargo's lead director, said in the release.

Richardson's election increases the company's board to 16 directors.

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