BAE appoints BP’s Dick Olver new chairman

The Associated Press

BAE Systems, Britain’s largest aerospace and defense contractor, has named Dick Olver as chairman, the company said March 24. Currently deputy chief executive at BP, he will take over from retiring BAE chairman Sir Richard Evans on July 1.

Olver, 57, has worked at BP for 30 years. BAE will appoint him as a non-executive director on May 17 before his becoming chairman.

He will continue his association with BP, serving as deputy chairman of its Russian joint venture TNK-BP starting in May. Olver joins BAE as it tries to expand its already substantial business in the United States and profit from U.S. government defense spending. The firm has long expressed its openness to a trans-Atlantic merger, arguing that European defense groups won’t be able to compete in the future without access to U.S. technologies. General Dynamics reportedly broke off exploratory talks about a merger with BAE in October.