Otis Worldwide Corp 8-K

What Happened
Otis Worldwide Corp filed an 8-K reporting that on January 13, 2026 its Board appointed Enrique Miñarro Viseras to serve as Chief Operating Officer, effective January 16, 2026. Mr. Miñarro Viseras, 48, has been with Otis since October 2023 (most recently President, Otis EMEA, and from May–Dec 2025 President, Otis EMEA & Latin America) and previously held senior roles at Ingersoll Rand.

Key Details

• Appointment announced January 13, 2026; effective January 16, 2026.
• New base salary: $820,000 (effective upon appointment).
• Annual short-term incentive target: 120% of base salary.
• Target annual equity award beginning FY2026: $3,500,000 (under the company’s long-term incentive plan).
• Continued participation in executive benefits, including up to $16,000 annual financial counseling and an annual executive health exam.
• Compensation Committee approved an amendment to his existing employment agreement to reflect these terms; offer letter is filed as Exhibit 10.1.
• Company reported no family relationships or reportable related-party transactions involving Mr. Miñarro Viseras.

Why It Matters
This is a senior operational leadership change at Otis: promoting an internal executive to COO can affect execution and operational oversight. The filing discloses specific pay changes (salary, incentive targets, and a substantial equity award target) that investors will see reflected in future compensation disclosures and SEC filings. Investors tracking leadership stability, executive compensation, or governance should note the appointment and the amended employment terms.