Mr. Olver, who has been with BP for 30 years, will be retiring from the company to take up the position of chairman of BAE Systems plc.
He will however continue his association with BP. As from May 2004, he will succeed Mr. Rodney Chase as a director on the Board of TNK-BP, taking the office of deputy chairman, and will be engaged on a consultancy basis upon his retirement from BP.
Mr. Olver 57, joined BP in 1973 and has held a number of senior management roles, most recently managing director of Exploration and Production from January 1998 and deputy chief executive since January 2003. Mr. Olver's responsibilities will be absorbed by other managing directors.
Peter Sutherland, chairman of BP, said: 'We are very sorry to lose Dick. He has had an excellent career with BP and made a major contribution to the Group's continued success.'
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