BSE’s CEO Madhu Kannan to join Tata Sons

Madhu Kannan, MD and CEO of Bombay Stock Exchange (BSE), is joining Tata Group's holding company, Tata Sons, to head the group's business development. Kannan, who has earlier worked with Bank of America Merrill Lynch (BofA ML) and the New York Stock Exchange ( NYSE), will report to Cyrus P Mistry, currently the group's deputy chairman. 
In a statement, BSE said that Kannan had expressed his intention not to seek a new term at the expiry of his current term, which is ending in May 2012. “Kannan will work with the BSE board to ensure that there is a seamless succession process,” the BSE statement added.