Otis Worldwide Corp (NYSE: OTIS) announced that its chair, chief executive officer and president Judy Marks will retire in the first half of 2027, stepping down once a successor is named. The board, led by independent lead director Christopher J. Kearney, has engaged Spencer Stuart to conduct the CEO search. Marks will remain as senior advisor until July 31, 2027, or earlier if a replacement is appointed.
Marks has led Otis for nearly nine years, overseeing its evolution into a standalone company after its 2020 separation from United Technologies. Under her tenure the company delivered a 77% total shareholder return and returned $8.4 billion to investors, comprising $3.4 billion in dividends and $5 billion in share buybacks. The service portfolio expanded roughly 25% to about 2.5 million units worldwide.
Otis employs about 72,000 people, including 45,000 field professionals, and operates in more than 200 countries and territories from its headquarters in Farmington, Connecticut. In a statement, Marks said it has been “a distinct honor to serve as the CEO” and that the firm is well positioned to grow through a focus on service and modernization. Kearney highlighted Marks’ role in re‑creating Otis as an independent company.
