Once considered a leading candidate to replace retiring Penn State President Bryce Jordan, William C. Richardson yesterday accepted the presidency of Johns Hopkins University.

"I'm excited about serving as the president of this dynamic institution, but at the same time I'm very sorry to be saying goodbye to Penn State," the executive vice president and provost said yesterday during a press conference at the Baltimore university.

Hopkins' board of trustees unanimously elected Richardson as the 11th president of the institution during a meeting prior to the conference, said George Radcliffe, chairman of Hopkins' board. Richardson will replace Steven Muller who is retiring after an 18-year tenure.

Jordan released a statement yesterday saying he intends to consult with some faculty members to begin the process of naming an interim provost within 30 to 60 days.

Richardson said before his departure he plans to complete the documents for Penn State's 1990-1991 budget, continue work on the search for a vice provost charged with minority concerns and aid his interim replacement .

Although his departure leaves Penn State without a front runner for its presidency, Richardson said he believes the University will have no problem in filling the position with a highly qualified candidate. He added that his own departure from the race "opens up a whole range of possibilities."

"Penn State is a very attractive presidency," Richardson said. "Penn State's problem will really be from choosing among a number of fine candidates."

Richardson said he expects to have no role in choosing a new president for Penn State.

"I certainly don't intend to get involved with the process," he said.

Jordan is scheduled to retire Aug. 31 and a Presidential Search and Screen Committee is currently reviewing candidates for his replacement. The committee is expected to submit five to 10 nominees to the Trustee Presidential Selection Committee by March 1.

Richardson said he plans to leave Penn State May 25, beginning his tenure at Hopkins July 1.

Last week, in anticipation of the move to Hopkins, Richardson asked Charles Hosler, Penn State's senior vice president of research and dean of the graduate school, to delay his retirement in order to maintain stability within the administration. Hosler's scheduled June 1989 retirement date was pushed back once before. He now expects to remain in his post until at least June 1991.

Richardson, first contacted by Hopkins in November, became the only candidate for the university's presidency after a second finalist, Massachusetts Institute of Technology Provost John M. Deutch, withdrew his name from consideration Jan. 10.

Radcliffe said he and the other Hopkins' trustees are very pleased with their choice of a new president. Richardson's background in health and research was very appealing to the board, Radcliffe said.

Richardson praised Hopkins' strong sense of tradition and reputation in a number of fields, including health, medicine and international politics. Hopkins, recognized worldwide, is a model for other institutions, he said.

"It's still experimenting and still a leader," Richardson said.

Hopkins ranks first in the country in total research funds, while Penn State ranks 15th, according to Penn State's Intercom.

Richardson will earn $222,307 per year at Hopkins. According to figures released last fall by student leaders, Jordan earned $145,000 in 1986- 1987.

Richardson has handled most of the day-to-day operations at Penn State since taking his position in 1984. He was largely involved in organizing the budget and in handling academic concerns here.

A graduate of Trinity College in Hartford, Conn., Richardson attended the University of Chicago where he earned a graduate degree in business.

Before coming to Penn State he was dean of the graduate school and vice provost for research at the University of Washington.