Bombay Stock Exchange managing director and CEO Madhu Kannan is leaving the oldest exchange in the country to take up a senior management position in the Tata Group.
Kannan,38,will soon join Tata Sons as Group Head-Business Development reporting to the Deputy Chairman Cyrus P Mistry. Kannan has expressed his intention to not seek a new term at the expiry of his current term ending May 2012,to pursue another opportunity. Kannan will work with the Board of Directors to ensure that there is a seamless succession process as per the Sebi prescribed norms, BSE said.
Kannan has been the MD and CEO of the BSE since May 2009. He joined the New York Stock Exchange (NYSE) in 1997,rising to the post of senior vice-president before following John Thain,former CEO of the NYSE,to Bank of America Merrill Lynch as managing director of strategy and business development.
Tata Sons is the holding company of the Tata group. Mistry is expected to step into the shoes of group head Ratan Tata in December 2012.