It could be Olver as BAE ends search

BAE is believed to have selected BP executive Dick Olver as its new chairman.

The UK's largest arms manufacturer has spent nearly a year searching for a replacement for present chairman Dick Evans.

Olver is understood to have been picked for his project management skills and engineering background.

He was made BP's deputy chief executive in early 2003 after a five-year stint as the head of exploration and production at the group.

Although in different industries, BAE and BP have some similarities.

Both have close relationships with the British government as their products are of strategic importance to the British state.

An announcement will be made when BAE's board of directors finalise the details of the appointment.