Madhu Kannan quits BSE to join as group head at Tata Sons

Madhu KannanMadhu Kannan, managing director and chief executive of the Bombay Stock Exchange (BSE), is leaving Asia's oldest stock exchange to join India's oldest business group, Tata, as group head of business development.

''Madhu Kannan, 38, will soon join Tata Sons as group head, business development, reporting to Cyrus P Mistry, deputy chairman, Tata Sons, the group said in a brief announcement.

''Mr Kannan will be joining from BSE (formerly the Bombay Stock Exchange), where he has been the managing director and chief executive officer since May 2009,'' the release added.

Cyrus Mistry is due to succeed Ratan Tata as chairman of the group at the end of this year.

"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," BSE said in a separate statement.

He will work with the BSE board to ensure that there is a seamless succession process, the release added.