LDS Business College will inaugurate John Lawrence Richards as its 12th president at 2 p.m. on Oct. 13.

President Henry B. Eyring, first counselor in the First Presidency of The Church of Jesus Christ of Latter-day Saints, will speak at the event, which is open for students, employees and the community.

Richards, who replaces Stephen K. Woodhouse, previously served as assistant to the president and, before that, as a business program director and faculty member. He made a 25-year career for himself in the banking industry, becoming a branch manager at age 26. Following his banking experience, he decided to teach at the college, working to improve planning, coordination of campus services and academic program development. He was appointed assistant to the president in 2005. On Dec. 9, 2008, he was appointed president of the college.

"We're entering a wonderful season of progress in the rich history of the college," Richards said in a statement released Wednesday. "I'm grateful for this opportunity to serve students, faculty and staff and am anxious to advance connections between the college and the downtown community to help us all grow and prosper."

Richards, a Salt Lake City native, earned a bachelor's degree in speech communication from the University of Utah and a master's in education, specializing in professional studies education, with an emphasis in institutional leadership and curriculum, from Capella University. He has worked in various community leadership positions and currently is the chairman of the audit committee for Salt Lake NeighborWorks and a member of the board of directors of Medallion Bank.

LDS Business College serves 1,400 students and has been in operation for 123 years. Inauguration day includes a morning devotional for students and employees, as well as an afternoon reception for the public, at the campus, 95 N. 300 West, immediately following the 2 p.m. services.