Paramedics were called to Tamarama Beach about 2pm Wednesday following reports a surfer had suffered a head injury.
The 41-year-old father of two was reportedly washed onto a rocky area known as The Twins.
CPR was performed but a ambulance spokeswoman confirmed just before 3pm that Mr Richell had died.
Mr Richell, who was from the UK, was the CEO of Hachette Australia.
Hachette UK group chief executive officer Tim Hely Hutchinson confirmed Mr Richell's death.
"With great sorrow, and in shock, we have to announce the death of our beloved friend and colleague, Matt Richell, CEO of Hachette Australia and Chairman of Hachette New Zealand, who was tragically killed in a surfing accident today," he said.
"Our thoughts and most heartfelt condolences are with Matt's wife Hannah, his family, his colleagues and many friends in publishing and more widely," he said in comments reported by News Ltd.
Mr Richell lived in Balmain with his wife and two children, aged six and three.
A Waverley Council chief lifeguard says The Twins is a dangerous part of the beach because of many ledges beneath the waves and sharp rocks.
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