Madhu Kannan quits BSE, joins Tatas
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In a surprise move, Managing Director and Chief Executive Officer of the Bombay Stock Exchange Madhu Kannan has stepped down from the post and will soon join Tata Sons.
Kannan will join as Group Head-- Business Development of Tata Sons and report to Deputy Chairman, Cyrus Mistry, a Tata Sons release said here.
Kannan's tenure with BSE was to come to an end in May but he had not sought extension.
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, a BSE statement said here.
Kannan will work with the Board of Directors of BSE to ensure a seamless succession process as per the SEBI norms, BSE said.
Tata Sons ropes in BSE MD Kannan to head biz development
Tata Sons today said it has appointed Madhu Kannan, currently Managing Director of BSE, to head Tata Group's business development.
"Madhu Kannan (38) will soon join Tata Sons as Group Head -- Business Development reporting to the Deputy Chairman, Cyrus P Mistry," Tata Sons said in a statement.
In a separate statement, BSE Ltd said: "Kannan has expressed his intention not to seek a new term at the expiry of his current term ending May 2012, to pursue another opportunity."
He will work with the BSE board to ensure that there is a seamless succession process, BSE Ltd added.
Kannan joined the BSE from Bank of America – Merrill Lynch where he was a Managing Director in the Corporate Strategy Group.
Prior to Bank of America-Merrill Lynch, Kannan was Senior Vice President at NYSE Euronext.
During his stint at NYSE Euronext, he served in various roles including Vice President, Corporate Client Group, Head of International Listings (Asia Pacific Region), and Managing Director, International Strategy and Business Development of the Exchange.
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