A retired Navy SEAL, Olson was picked for the independent review due to his "personal experience" in base security, gained during years of operating from austere bases in hostile territory with U.S. special operations forces, Carter said.
For his part, Stockton spearheaded the Pentagon inquiry into the 2009 mass shootings at Fort Hood, Texas, Carter told reporters at the Pentagon.
Base security measures adopted by the military after the Fort Hood shootings did help save lives during Monday's massacre, Pentagon officials say.
Improved alert notices, increased training of base security personnel, and better information sharing between base security and local law enforcement helped first responders react to the Navy Yard shootings, a Pentagon official said earlier this month.
"We are in a better place now," than before the Fort Hood attacks, the official said regarding base security measures during a briefing at the Pentagon at the time.
The Olson-Stockton review is one of three separate investigations the department has launched in the aftermath of the Navy Yard shooting spree.
The main Defense Department-led inquiry, announced by Defense Secretary Chuck Hagel earlier this month, is being led by Undersecretary of Defense for Intelligence Michael Vickers, according to Carter.
Navy leaders have already implemented a handful of recommendations stemming from a service-led investigation ordered by service Secretary Ray Mabus in the days after the shooting.
A White House investigation, led by the Office of Management and Budget, Office of Personnel Management and the Office of the Director of National Intelligence, exploring security measures at all government installations is already underway, Carter added.
The multiple reviews are focused on the events leading to former Navy Petty Officer 3rd Class Aaron Alexis's shooting spree at the Navy's Washington headquarters Sept. 16.
Alexis was killed by police during the standoff but not before killing 12 people.
Alexis, who was honorably discharged from the Navy, gained access to the facility due to his status as a civilian contractor.
On Tuesday, the FBI released video of Alexis stalking the halls of the headquarters of Naval Sea Systems Command at the Navy Yard in Southeast Washington, D.C., where most of the killings took place.
Armed with a sawed-off shotgun, Alexis moved methodically through the building, taking cover behind office walls before moving toward a group of people attempting to escape, according to the video.
White House press secretary Jay Carney said Wednesday that "every American" should watch the video to remind themselves of the horror of mass shootings.
"Every American should look at that and agree with those who say, including the chief medical officer at that hospital, that this should not be acceptable to us," Carney said.
"We should not be numb to that reality and we should be doing something about it," he added.
Alexis began working at the Navy Yard as an information technology contractor only a week before the shootings.
He legally purchased the murder weapon, a Remington 870 pump-action shotgun, in Northern Virginia the Saturday before the attack, according to an FBI timeline of the shootings.