mumbai kotak mahindra bank shareholders have approved the appointment of uday kotak as nonexecutive nonindependent director once he ceases to be md ceo the banks founderpromoter is expected to step down by this yearendalthough kotak 64 is well within the 70year age limit for chief executives latest directions by the rbi cap a bank chief executives tenure at 15 yearskotak founded kotak mahindra finance in 1985 it became the first nbfc to get a banking licence in 2003 most of the leadership team including kotak has been with the group since it was foundedthere is speculation that kotak may take charge as chairman given his position as an industry veteranthe bank held voting for the reappointment of kotak electronically around 99 favoured the resolution which was passed on april 19 the shareholders also approved a proposal to issue unsecured redeemable nonconvertible bonds and other debt securitiesrbi has asked bank boards to recommend candidates well before incumbent ceos complete their terms with less than nine months to go for kotak the bank will likely have shortlisted his successormany believe some senior executives are likely to be recommended given the groups philosophy of promoting longterm employees to senior positions some reports indicate the board has picked executive search firm egon zehnder to identify a successor