Otis Worldwide Announces CEO Judith F. Marks to Retire in 2027

What Happened

• Otis Worldwide Corporation (OTIS) announced on September 15, 2026 (via an 8-K and press release) that Chair, CEO and President Judith F. Marks will retire effective on the earlier of (i) the date her successor begins as CEO (expected in the first half of 2027) or (ii) July 31, 2027 (the “Transition Date”). Ms. Marks will also resign from the Board as of the Transition Date and will help with the CEO search and leadership transition.

Key Details

• Transition Agreement dated September 13, 2026 governs the arrangements with Ms. Marks.
• The Board’s succession committee, chaired by Christopher J. Kearney, has retained Spencer Stuart to lead a comprehensive search considering internal and external candidates.
• If the Transition Date occurs before July 31, 2027, Ms. Marks will serve as a non-employee senior advisor through July 31, 2027 with no cash compensation; her outstanding equity awards will continue to vest and she remains eligible for her 2026 annual bonus (prorated if the Transition Date is before Jan 1, 2027).
• If Ms. Marks is terminated without cause, or resigns following a material breach by the Company, the termination date will be treated as the Transition Date and the advisory period will commence.

Why It Matters

• Leadership change at the CEO and Board chair level is a material corporate governance event that investors monitor for potential impacts on strategy, execution and continuity. Otis has put a formal succession process in place, engaged a major executive search firm, and provided for an advisory phase and continued equity vesting to support an orderly transition. The filing does not report immediate financial impacts or changes to guidance; investors should watch for announcements about the successor and any related strategic updates.