The company said the appointment of Goodman increases the number of board of directors from 9 to 10.
Goodman joined PepsiCo in 1992 and held a variety of senior financial positions within the company, including serving as CFO.
From 2010 to 2011, Goodman was executive vice president of global operations and retired from PepsiCo at the end of 2011.
Earlier, Goodman was with W.R. Grace & Co. in a variety of senior financial positions.
Western Union chairman of the board Jack Greenberg said that the addition of Richard Goodman to Western Union’s Board of Directors brings a global executive with strong financial credentials and accomplishments as their company continues to accelerate the delivery of its products and services to new customers.