Mark Kleinman writes Olver became chairman of BAE in 2004 and he serves as both a business ambassador to Prime Minister David Cameron and a member of the Prime Minister’s business advisory group.
He will step down from BAE at next year’s annual meeting at the latest, Kleinman writes.
Nick Rose, BAE senior independent director, is leading the search.
Kleinman writes potential candidates include Centrica chairman and CBI president Sir Roger Carr, Centrica chairman and CBI president, former Roll Royce CEO Sir John Rose and former GKN head Sir Kevin Smith.
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