Otis CEO Judy Marks to retire by July 2027
Otis Worldwide’s long-planned CEO succession will see Judy Marks retire by July 31, 2027, with a Board-led search underway for her successor.
Rhea-AI Filing Summary
Otis Worldwide Corporation announced that Chair, Chief Executive Officer and President Judith F. (Judy) Marks will retire, with her transition effective on the earlier of her successor’s start date, currently expected in the first half of 2027, or July 31, 2027. She will also step down from the Board on that date.
The Board has begun a comprehensive CEO search, overseen by a succession committee chaired by Christopher J. Kearney and supported by Spencer Stuart, considering both internal and external candidates. Under a Transition Agreement, Marks continues in her current roles until the Transition Date and may then serve as a non‑employee senior advisor through July 31, 2027, during which her existing equity awards continue to vest and she remains eligible for an annual bonus for 2026 based on actual performance.
Otis highlights that since separation in 2020, Marks’ leadership has supported strong free cash flow, a shift toward higher‑margin service revenue, about $8.4 billion of capital returned to shareholders and a 77% total shareholder return, while expanding its service portfolio to approximately 2.5 million units worldwide.
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Filing Explained
The Otis CEO transition is not yet complete: Marks remains in her roles until the earlier of her successor’s start and
8-K Event Classification
3 items: 5.02, 7.01, 9.01
3 items
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Transition latest date: July 31, 2027
Capital returned to shareholders: $8.4 billion
Dividends paid: $3.4 billion
+5 more
8 metrics
Transition latest date
July 31, 2027
Latest possible date for Judy Marks’ retirement and Board resignation
Capital returned to shareholders
$8.4 billion
Returned since Otis became a standalone company
Dividends paid
$3.4 billion
Part of total capital returned since becoming standalone
Share buybacks
$5 billion
Share repurchases since Otis became a standalone company
Total shareholder return
77%
Total shareholder return since Otis became a standalone company
Service portfolio size
2.5 million units
Approximate number of customer units maintained worldwide
Daily passengers moved
2.5 billion passengers
Number of people moved per day by Otis equipment
Global workforce
72,000 people
Otis worldwide employees, including about 45,000 field professionals
Key Terms
Transition Agreement, succession committee, free cash flow, recurring-revenue Service business, +2 more
6 terms
Transition Agreement regulatory
"In connection with this transition, the Company and Ms. Marks entered into a letter agreement"
succession committee regulatory
"The search is being overseen by a succession committee of the Board"
free cash flow financial
"Under her leadership, Otis has delivered strong free cash flow"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
recurring-revenue Service business financial
"shift of investment towards its higher-margin, recurring-revenue Service business"
forward-looking statements regulatory
"This release includes statements related to anticipated operational performance... that constitute “forward-looking statements”"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
When will Otis (OTIS) CEO Judy Marks retire and leave the Board?
Judy Marks will retire as Chair, Chief Executive Officer and President, and resign from the Board, on the earlier of her successor’s start date, currently expected in the first half of 2027, or July 31, 2027, defined as the Transition Date.
How is Otis (OTIS) managing the CEO succession process?
Otis states its Board is conducting a comprehensive CEO search, overseen by a succession committee chaired by Christopher J. Kearney and supported by executive search firm Spencer Stuart. The process considers both internal and external candidates.
What is Judy Marks’ role at Otis (OTIS) until and after the Transition Date?
Under a Transition Agreement, Judy Marks will continue as Chair, CEO and President through the Transition Date. If that date is before July 31, 2027, she will serve as a non‑employee senior advisor through July 31, 2027 to support the leadership transition.
How will Judy Marks be compensated under the Otis (OTIS) transition arrangement?
Otis states Judy Marks will receive no cash compensation for her senior advisor role, but her outstanding Otis equity awards will continue to vest during the advisory period, and she remains eligible to receive her 2026 annual bonus based on actual performance, with potential proration for a partial year.
How has Otis (OTIS) grown its service portfolio under Judy Marks?
Otis states it has grown its best-in-class service portfolio by about 25% to approximately 2.5 million units worldwide, describing it as the industry’s largest Service portfolio, while serving about 2.5 billion passengers each day.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 13, 2026
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933
(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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On September 15, 2026, Otis Worldwide Corporation (the “Company”) announced that the Board of Directors of the Company (the “Board”) and Judith F. Marks, the
Company’s Chair, Chief Executive Officer and President, have agreed that Ms. Marks will retire from the Company effective on the earlier of (i) the date her successor commences service as the Company’s Chief Executive Officer and President, which is
currently expected to occur during the first half of 2027, and (ii) July 31, 2027 (such earlier date, the “Transition Date”). Ms. Marks will also resign from the Board effective as of the Transition Date.
As part of the Board’s ongoing succession-planning process, the Board is conducting a comprehensive search to identify the Company’s next Chief Executive
Officer, with which Ms. Marks will assist. The search is being overseen by a succession committee of the Board chaired by Christopher J. Kearney. The succession committee has retained Spencer Stuart, a leading global executive search firm, to
assist with the search, which is considering both internal and external candidates.
In connection with this transition, the Company and Ms. Marks entered into a letter agreement on September 13, 2026 (the “Transition Agreement”). Under the
Transition Agreement, Ms. Marks will continue to serve as the Company’s Chair, Chief Executive Officer and President through the Transition Date and will resign from the Board and all other positions with the Company and its subsidiaries effective as
of that date. However, if the Transition Date occurs before July 31, 2027, Ms. Marks will serve as a non-employee senior advisor through July 31, 2027 to support the leadership transition. Furthermore, if Ms. Marks is terminated by the Company
without cause, or if Ms. Marks resigns following the Company’s material breach of the Transition Agreement, then the date of such termination of employment will constitute the Transition Date, and her service as a senior advisor will commence. She
will receive no cash compensation for the advisory services, but her outstanding Company equity awards will continue to vest during the advisory period in accordance with their terms and she will remain eligible to receive her annual bonus in respect
of 2026 based on actual performance and, if the Transition Date occurs prior to January 1, 2027, prorated in respect of the partial year of employment.
The foregoing summary is qualified in its entirety by the Transition Agreement, filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated
herein by reference.
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Regulation FD Disclosure.
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On September 15, 2026, the Company issued a press release announcing the executive transition, a copy of which is furnished with this Current Report as
Exhibit 99.1 and incorporated into this Item 7.01 by reference.
The information in this Item 7.01, including the presentation materials and other
information on the Company’s website, shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section and shall not be deemed
to be incorporated by reference into any filing by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
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Financial Statements and Exhibits.
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(d) Exhibits.
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Exhibit Description
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10.1
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Letter Agreement, dated September 13, 2026, between Judith F. Marks and Otis Worldwide Corporation.
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99.1
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Press Release, dated September 15, 2026, issued by Otis Worldwide Corporation.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
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OTIS WORLDWIDE CORPORATION
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(Registrant)
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Date: September 15, 2026
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By:
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/s/ Susan Brown Grady
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Name:
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Susan Brown Grady
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Title:
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Senior Vice President, Corporate Secretary
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Exhibit 99.1
For Immediate Release
Otis Implements Long-Standing CEO Succession Plan
Judy Marks to Retire in 2027 as Board Chair, CEO, and President
FARMINGTON, Conn., Sept. 15, 2026 — Otis Worldwide Corporation (NYSE: OTIS), the world’s leading elevator and escalator manufacturing, installation,
service and modernization company, today announced that Judy Marks will retire as Chair, Chief Executive Officer and President upon the appointment of her successor, which is expected in the first half of 2027.
The Otis Board of Directors has initiated a comprehensive search to identify the Company’s next CEO with the support of Spencer Stuart. The search
will consider both internal and external candidates and is being overseen by a committee of independent directors.
Ms. Marks will continue to serve in her current capacity through July 31, 2027 and, if her successor is appointed sooner, will serve as a senior
advisor to the company through July 31, 2027 to facilitate a seamless transition.
Since joining Otis nearly nine years ago, Ms. Marks has led the company’s value-creation strategy including the successful separation from United
Technologies Corporation in April 2020 at the onset of the COVID-19 pandemic. Under her leadership, Otis has delivered strong free cash flow, as she led the company’s shift of investment towards its higher-margin, recurring-revenue Service
business, generating industry-leading margins. Otis has also grown its best-in-class service portfolio, the industry’s largest, by about 25% to approximately 2.5 million units around the globe. Since becoming a standalone company, Otis has
returned $8.4 billion of capital to shareholders, including $3.4 billion in dividends and $5 billion in share buybacks and delivered a 77% total shareholder return.
Under Ms. Marks’ leadership, Otis has invested to serve growing modernization opportunities, embedded AI in critical systems and restructured field operations to be more customer focused. The company has also executed acquisitions of non-controlling shareholder interests in Otis’ subsidiaries in Spain, Japan, China and India in addition to the acquisition of multiple local service providers. Ms. Marks’ leadership has also prioritized investment in the company’s global workforce of 72,000 people – the majority of whom are mechanics and service professionals – and has a strong track record of safety and service.
“It has been a distinct honor to serve as the CEO of Otis Worldwide Corporation. I am proud of our global colleagues whose dedication
ensures our customers and the 2.5 billion passengers who rely on us each day can count on Otis to keep the world moving,” Ms. Marks said. “Through the continuing execution of our value-creation strategy, Otis is well positioned to drive
growth through an enhanced focus on the service and modernization needs of our customers around the world, the continued expansion of our portfolio and the advantages provided by our investments in infrastructure and process improvement. As I
approach my tenth-year leading Otis, we will continue to take decisive actions to drive operational excellence, strengthen Otis’ competitive position and deliver sustainable value to shareholders.”
“The Board is executing its long-standing CEO succession plan, and on behalf of all of us, I want to thank Judy for her leadership and dedication,”
said Christopher J. Kearney, Independent Lead Director of the Otis Board and Chair of the Board’s succession committee. “Judy has played a central role in re-creating Otis as a standalone company, setting the strategy and embodying the Otis
Absolutes, which drive our culture, personally leading key customer relationships around the world and positioning Otis as a global leader in urban mobility. The Board is confident that Otis has the foundation and the momentum to continue to
deliver for our shareholders, customers and colleagues.”
About Otis
Otis gives people freedom to connect and thrive in a taller, faster, smarter world. The global leader in the manufacture, installation, service and
modernization of elevators and escalators, we move 2.5 billion people a day and maintain approximately 2.5 million customer units worldwide – the industry’s largest Service portfolio. You’ll find us in the world’s most iconic structures, as
well as residential and commercial buildings, transportation hubs and everywhere people are on the move. Headquartered in Connecticut, USA, Otis is 72,000 people strong, including 45,000 field professionals, all committed to manufacturing,
installing and maintaining products to meet the diverse needs of our customers and passengers in more than 200 countries and territories. To learn more, visit www.otis.com and follow us on LinkedIn, YouTube, Instagram and Facebook
@OtisElevatorCo.
Cautionary Statement
This release includes statements related to anticipated operational performance, succession timing, and future shareholder value that constitute
“forward-looking statements” under the securities laws. All forward-looking statements involve risks, uncertainties and assumptions that may cause actual results, dividends, share repurchases or succession timing to differ materially from those
expressed or implied in the forward-looking statements. For those statements, Otis claims the protection of the safe harbor for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995. Past performance
provides no assurance as to future performance, dividends or share repurchases and could vary significantly from the past due to a number of risks and uncertainties. Risks and uncertainties include: (1) the effect of economic conditions in the
industries and markets in which Otis and its businesses operate in the U.S. and globally and any changes therein, including financial market conditions, fluctuations in commodity prices, interest rates and foreign currency exchange rates,
future availability of credit and factors that may affect such availability or costs (including tighter credit conditions), levels of end market demand in construction, pandemic health issues, natural disasters and the financial condition of
Otis’ customers and suppliers; (2) risks associated with indebtedness; (3) challenges in the development and production of new products and services; (4) challenges in recruiting and retaining key personnel and (5) the effect of changes in laws
and regulations, political conditions and geopolitical conflicts in countries in which we operate and other factors beyond our control. The above list of factors is not exhaustive or necessarily in order of importance. For additional
information on identifying factors that may cause actual results to vary from those stated in forward-looking statements, see the reports of Otis on Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC from time to time. Any
forward-looking statement speaks only as of the date on which it is made, and Otis assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable
law.
Media Contact:
Katy Padgett
Kathleen.Padgett@otis.com
+1-860-674-3047
Investor Relations Contact:
Imelda Suit
investorrelations@otis.com
+1-860-676-6011