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04-04-2012, 10:53 AM #1
Madhu Kannan quits BSE, to join Tata Sons
In a surprise move, BSE Managing Director and CEO Madhu Kannan has decided to leave the bourse and will join Tata Sons.
Interestingly, the announcement by BSE comes a day after market regulator Sebi allowed listing of stock exchanges and put curbs on salaries of key management.
BSE in a statement 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."
In a separate statement, Tata Sons said: "Madhu Kannan (38) will soon join Tata Sons as Group Head - Business Development reporting to the Deputy Chairman, Cyrus P Mistry," Tata Sons.
Kannan will work with the BSE board to ensure that there is a seamless succession process, BSE said.
He was instrumental in launching currency derivatives, SME Exchange and derivatives of four global indices trading on the exchange platform.
Sebi on Monday granted permission to list the stock exchanges, subject to certain conditions. It also put restrictions on salaries of key management and stated that it will approve the remuneration to key management personnel.
Also, the terms and conditions of the remuneration shall not be changed without the approval of Sebi and that the compensation policy may have 'clawback' arrangements.
Madhu Kannan reportedly earned a little over Rs 2.04 crore in FY11. The increase in Kannan salary at 27.5 per cent from Rs 1.6 crore a year earlier was the highest among the bourse CEOs.
Kannan joined the BSE in 2009 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 the Vice President, Corporate Client Group, Head of International Listings (Asia Pacific Region), and Managing Director, International Strategy and Business Development of the Exchange.
Kannan is an alumnus of BITS, Pilani and an MBA from Vanderbilt University, USA.