Otis (NYSE: OTIS) trims board to 10 as Shailesh Jejurikar exits

Rhea-AI Filing Summary

Otis Worldwide Corporation reported that board member Shailesh Jejurikar, who also serves as Chair of the Compensation Committee, has notified the company he will resign from the Board effective September 9, 2025. The company states his resignation is not due to any disagreement regarding its operations, policies, or practices.

Following this decision, the Board approved a reduction in its size from eleven to ten directors, effective the same date. Kathy Hopinkah Hannan rotated off the Audit Committee and the Nominations and Governance Committee and was appointed to replace Mr. Jejurikar as Chair of the Compensation Committee. All other committee assignments remain unchanged.

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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): August 26, 2025 (August 24, 2025)

OTIS WORLDWIDE CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	001-39221	83-3789412
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

One Carrier Place

Farmington, Connecticut 06032

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code

(860) 674-3000

N/A

(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:

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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.    ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock ($0.01 par value)	OTIS	New York Stock Exchange
0.318% Notes due 2026	OTIS/26	New York Stock Exchange
2.875% Notes due 2027	OTIS/27	New York Stock Exchange
0.934% Notes due 2031	OTIS/31	New York Stock Exchange

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(b)

Director Resignation

On August 24, 2025, Shailesh Jejurikar, a member of the Board of Directors (the “Board”) of Otis Worldwide Corporation (the “Company”) and Chair of the Compensation Committee, notified the Company that he will resign from the Board effective September 9, 2025. Mr. Jejurikar’s decision to resign from the Board was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.

On August 26, 2025, the Board decreased the size of the Board from eleven (11) directors to ten (10) directors, effective September 9, 2025.

New Committee Assignments

As a result of Mr. Jejurikar’s resignation, the Board approved changes to the composition of certain of the Board’s committees. Effective immediately, Kathy Hopinkah Hannan rotated off of the Audit Committee and Nominations and Governance Committee, and replaced Mr. Jejurikar as Chair of the Compensation Committee. Except as described in this Item 5.02, all other Board committee assignments remained unchanged.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number	Exhibit Description
104	Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

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.

	OTIS WORLDWIDE CORPORATION
	(Registrant)
Date:  August 26, 2025	By:	/s/ Toby Smith
		Name: Toby Smith
		Title:   Senior Vice President, Corporate Secretary

FAQ

What board change did Otis (OTIS) announce in this 8-K?

Otis Worldwide announced that director Shailesh Jejurikar will resign from its Board effective September 9, 2025. The Board will reduce its size from eleven to ten directors on that date, keeping overall board structure streamlined while adjusting related committee roles.

Why is Otis (OTIS) director Shailesh Jejurikar resigning from the Board?

Otis states that Shailesh Jejurikar’s decision to resign from the Board was not due to any disagreement with the company regarding its operations, policies, or practices. The filing provides no additional reasons, indicating an orderly and non-contentious transition.

How will Otis (OTIS) adjust its Board size after the resignation?

Effective September 9, 2025, the Otis Board will decrease in size from eleven directors to ten. This change coincides with Shailesh Jejurikar’s departure and reflects a modest downsizing rather than the immediate addition of a replacement director.

Who will chair the Compensation Committee at Otis (OTIS) after the change?

Kathy Hopinkah Hannan has been appointed to replace Shailesh Jejurikar as Chair of the Compensation Committee. She also rotated off the Audit Committee and the Nominations and Governance Committee, while all other Board committee assignments remained unchanged according to the filing.

What committee changes did Otis (OTIS) make in response to the resignation?

Otis adjusted committee roles so that Kathy Hopinkah Hannan left the Audit Committee and Nominations and Governance Committee and became Chair of the Compensation Committee. Apart from these specific reassignments, all other Board committee memberships stayed the same.

Does the Otis (OTIS) filing mention any impact on company operations from the resignation?

The filing notes that Mr. Jejurikar’s resignation was not due to disagreements over operations, policies, or practices. It focuses on governance and committee changes and does not describe any operational or strategic impact arising from this Board transition.