Business Services Industry
New chairman for BAE Systems brings in Morgan Stanley for strategic review.
Knight Ridder/Tribune Business News, July, 2004
Daily Mail, London Knight Ridder/Tribune Business News
Jul. 5--Dick Olver, the new-broom chairman sweeping into defence giant BAE Systems, has ordered a strategic review of the company.
BP's former deputy chairman, who succeeded Sir Dick Evans last week, has brought in investment bank Morgan Stanley to take a fresh look at BAE's collection of businesses. The least profitable may be wound down.
Olver is determined to mark a new start for the company after it suffered time and cost overruns on aircraft and submarine contracts.
He also wants to build bridges with the Ministry of Defence, which is its largest customer. The review could hold up the disposal of BAE's naval shipbuilding operation.
Rivals have denounced that...
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