On September 15, 2026, Otis Worldwide Corporation announced that its Chair, Chief Executive Officer, and President, Judy Marks, will retire. The company stated that Ms. Marks will step down upon the appointment of her successor, which is currently expected to occur during the first half of 2027. She will also resign from the Board of Directors at that time.
Ms. Marks will continue in her current leadership role through July 31, 2026, or until her successor begins service, whichever occurs first. If her successor is named before July 31, 2026, she will serve as a non-employee senior advisor through that date to support the transition. Under the terms of the agreement, she will receive no cash compensation for the advisory services but will retain her outstanding equity awards and remain eligible for her 2026 annual bonus.
The Otis Board of Directors is conducting a comprehensive search for a new CEO, overseen by a succession committee chaired by Independent Lead Director Christopher J. Kearney. Spencer Stuart, a global executive search firm, has been retained to assist with the process, which will consider both internal and external candidates.
Ms. Marks has led Otis since 2017. The company highlighted that under her leadership, Otis has grown its service portfolio to approximately 2.5 million units, returned $8.4 billion to shareholders, and delivered a 77% total shareholder return since its separation from United Technologies Corporation in 2020.
