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Otis CEO Judith Marks to retire by July 2027; board launches search for successor
Filed September 15, 2026 · Period ending September 13, 2026 · ~1 min read
Key Changes
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CEO Judith Marks will retire by July 31, 2027, or earlier if a successor is appointed; she will also resign from the board at that time.
Item 5.02 verify on EDGAR → -
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The board has begun a comprehensive CEO search, considering internal and external candidates, with Spencer Stuart assisting.
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If a successor is named before July 31, 2027, Marks will serve as a non-employee senior advisor through that date with no cash compensation, but equity awards continue to vest and she remains eligible for her 2026 bonus.
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Under Marks, Otis returned $8.4 billion to shareholders since the 2020 spin-off and grew its service portfolio about 25% to roughly 2.5 million units.
Exhibit 99.1 view on EDGAR →
Summary
Otis Worldwide announced that CEO Judith Marks will retire by July 31, 2027, or earlier if a successor is appointed. The board has launched a formal search, considering both internal and external candidates, with Spencer Stuart assisting. Marks will assist with the transition and may serve as a senior advisor if a successor is named before the deadline.
The departure of a long-tenured CEO is a significant governance event. While the company frames the transition as planned and highlights strong shareholder returns and service portfolio growth under Marks, the search for a new leader introduces uncertainty about strategic direction and execution. Investors should watch for the appointment of a successor and any changes in leadership style or priorities.
Section-by-Section Diff
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
Judy Marks will retire as Chair, Chief Executive Officer and President upon the appointment of her successor, which is expected in the first half of 2027.
The company announced a planned CEO transition. Judy Marks will retire as Chair, CEO, and President when a successor is appointed, expected in the first half of 2027. She will continue in her current role through July 31, 2027, or serve as a senior advisor if a successor is named sooner.
Added in current filing · view on EDGAR →
The Otis Board of Directors has initiated a comprehensive search to identify the Company’s next CEO with the support of Spencer Stuart. The search will consider both internal and external candidates and is being overseen by a committee of independent directors.
The board has begun a formal search for the next CEO, using executive search firm Spencer Stuart. The search will consider both internal and external candidates and is overseen by a committee of independent directors.
Added in current filing · view on EDGAR →
Ms. Marks will continue to serve in her current capacity through July 31, 2027 and, if her successor is appointed sooner, will serve as a senior advisor to the company through July 31, 2027 to facilitate a seamless transition.
The transition is structured to ensure continuity. Marks will remain in her current role through July 31, 2027, and if a successor is appointed earlier, she will serve as a senior advisor through that date to support a smooth handover.
Added in current filing · view on EDGAR →
Since becoming a standalone company, Otis has returned $8.4 billion of capital to shareholders, including $3.4 billion in dividends and $5 billion in share buybacks and delivered a 77% total shareholder return.
The release highlights Marks' tenure results: $8.4 billion returned to shareholders since the 2020 spin-off, split between $3.4 billion in dividends and $5 billion in buybacks, with a 77% total shareholder return. This context frames the succession as a planned, orderly transition rather than a reaction to performance issues.
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Figures/quotes linked to EDGAR · Narrative written by AI · Sep 16, 2026 · How we verify