Business Services Industry
British Petroleum Official Takes Pay Cut to Chair Defense Group.
Knight Ridder/Tribune Business News, March, 2004
Daily Mail, London Knight Ridder/Tribune Business News
Mar. 25--Dick Olver, BP's deputy chief executive, is to take on one of the toughest jobs in industry by chairing defense group BAE from July -- and taking a pay cut.
When he succeeds Sir Dick Evans, he will be paid UKpound 500,000 a year -- with no bonus, pension, car or departure package. Admit-tedly this is for a two-day week. Olver got UKpound 1.97 million at BP last year.
An engineer, he was a key member of the team that led BP from crisis in 1992 to the world's ninth-biggest company. He headed its first venture into Russia.
Olver says: "It is a big wrench to be leaving. I have had a fantastic career with BP. But BAE is a new challenge. What I would look to contribute...
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