Mr Richards, with his City of London background, has a wealth of experience in a large variety of running different enterprises from start-ups to mature businesses has agreed to become the Chair of the Board of Edgar Street Grid (Hereford) Ltd, the venture company set up to steer through the project.
The Edgar Street masterplan - a ten-year-vision for Hereford City - includes a new flagship library, cultural, commercial and residential developments, re-instating the canal and canal basin and a new link road to relieve traffic from the inner road.
The partnership of Herefordshire Council and Advantage West Midlands has enabled this once-in-a-lifetime opportunity to be grasped.
"I'm delighted to be able to play a part in the scheme which will transform the heart of Hereford into a modern city centre but still retain its historic monuments such as the Coningsby Hospital/Museum and the Franciscan Blackfriars Monastery ruins,” said Mr Richards, who lives at Ullingswick.
"There's lots to do and we're still at the very early stages of the project, but, if we can maintain the kind of momentum which has built up around this project in recent years, I'm convinced our children, and our children's children will look back in years to come with a sense of pride at the visionary and daring approach being adopted for this project," he added.
Cllr Roger Phillips, Leader of Herefordshire Council, which has been a prime mover behind the project, said he was delighted that someone of the calibre of Mr Richards should accept the post to Chair the company.
"This is a key 100-acre site which has the capacity to set the tone for not just Hereford but the whole of the County.
"We're convinced that with Clive at the helm we shall see this project come to fruition effectively and efficiently.
"The Chair of the company is a key position and I can't think of anyone more suitable than Clive to take on this important role.
"Along with our partners, Advantage West Midlands, we're now gathering further momentum to drive this vision forward. Things are already beginning to happen and I know that we're building a legacy for Hereford which will last many generations."
Mark Pearce, Director for Shropshire, Herefordshire and Worcestershire at Advantage West Midlands, welcomed Clive Richards to the team and said: "This is a most significant appointment which will now give the necessary focus and drive to the project".