Obama names Richardson as Commerce Secretary

CHICAGO (Reuters) - President-elect Barack Obama on Wednesday named New Mexico Gov. Bill Richardson, a former rival for the Democratic presidential nomination, as Commerce Secretary.

"Last week, Vice President-elect Biden and I began the process of announcing our economic team," Obama said at a news conference. "Today we are pleased to name another key member of this team -- our nominee for Secretary of Commerce, my great friend, Gov. Bill Richardson."

(Editing by Philip Barbara)