24 Mar 2004
The Board of BAE Systems plc has agreed that Dick Olver will be appointed a non-executive Director of the Company on 17 May 2004 and will succeed Sir Richard Evans as Chairman on 1 July 2004.
Sir Richard Evans will retire from the Board on 1 July 2004.
Dick Olver is currently Deputy Group Chief Executive of BP, the company he joined in 1973 and in which he has held a series of senior positions including Group Managing Director, Chairman BP America Advisory Board, and CEO BP Exploration. Dick Olver is also Senior Independent Director of Reuters Group plc.
Dick Evans commented: I am extremely pleased that Dick Olver has agreed to take over from me as Chairman of BAE Systems. He will I know work very well with our Chief Executive Mike Turner and the Board to ensure that BAE Systems continues to build on its position as the premier transatlantic aerospace and defence contractor.
Dick Olver said: I feel privileged and delighted to take up the role of Chairman of BAE Systems. I very much look forward to the challenge, to working with Mike Turner, the Board and the Executive team. Together we will focus strongly on Strategy and Performance in order to drive delivery of shareholder value.
Mr Olver (57) is married with two daughters, grew up in the UK and was educated at City University and at the University of Virginia Business School.
About BAE SYSTEMS
BAE Systems is an international company engaged in the development, delivery and support of advanced defence and aerospace systems in the air, on land, at sea and in space. The company designs, manufactures and supports military aircraft, surface ships, submarines, radar, avionics, communications, electronics and guided weapon systems. It is a pioneer in technology with a heritage stretching back hundreds of years. It is at the forefront of innovation, working to develop the next generation of intelligent defence systems.
BAE Systems has major operations across five continents and customers in some 130 countries. The company has more than 90,000 people and generates annual sales of approximately 12 billion through its wholly-owned and joint venture operations.
BAE Systems, innovating for a safer world.
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