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.
Maria Cristina Mendez Echevarria, Executive Vice President & Chief Financial Officer of Otis Worldwide Corp (OTIS), reported insider transactions dated 08/23/2025. She had 2,092 Restricted Stock Units (RSUs) that converted into common stock on a one-for-one basis and the first installment of a 2024 RSU grant vested on that date. The filing also shows a disposition of 820 shares sold at $88.58. Following the reported transactions, the filing lists 4,566 shares of common stock beneficially owned and 4,193 derivative securities (RSUs) beneficially owned as of the report.
Otis Worldwide Corporation entered into a new unsecured $1,500 million revolving credit agreement dated August 8, 2025, which matures on August 8, 2030, and replaces the prior facility that had been scheduled to expire March 10, 2028. The facility names Otis Intercompany Lending Designated Activity Company as a subsidiary borrower, is administered by JPMorgan Chase Bank, N.A., is guaranteed by Otis for subsidiary borrowings, and is available for general corporate purposes.
U.S. dollar borrowings may be at term SOFR or a base rate and euro borrowings at EURIBO or daily simple ESTR, with initial margins of 1.125% for term SOFR/EURIBO/ESTR and 0.125% for base rate borrowings; margins can fluctuate with Otis’ public debt rating. The agreement permits an aggregate upsize of up to $500 million and contains customary affirmative and negative covenants, including a consolidated leverage ratio financial covenant; breaches could lead to acceleration or termination of commitments.
Kimberly Shannon Gosk, EVP & CPO of Otis Worldwide (OTIS), reported direct ownership of 5,688 common shares and disclosed equity awards representing 21,055 underlying shares: 2,245 restricted stock units (RSUs) that convert one-for-one into common stock and 18,810 stock appreciation rights (SARs) with specified exercise prices. The RSUs vest in scheduled annual installments and several SAR tranches are fully or partially exercisable, as detailed in the filing.