Judy Marks Announces Retirement from Otis as CEO in 2027, Search for Successor Underway

Judy Marks Set to Retire as CEO of Otis Worldwide Corporation

In a landmark announcement, Judy Marks, the Chair, Chief Executive Officer, and President of Otis Worldwide Corporation, has declared her intention to retire, with plans to step down after appointing her successor in the first half of 2027. Marks' departure marks the end of an impactful leadership era at Otis, one of the world's foremost elevator and escalator manufacturing companies.

Having joined Otis nearly nine years ago, Marks has been pivotal in steering the company towards a path of growth and sustainability, especially following its separation from United Technologies Corporation in 2020. The transition occurred just as the world was grappling with the onset of the COVID-19 pandemic, a time that tested the resilience of companies globally. Under her guidance, Otis shifted focus towards enhancing its service business, which significantly contributed to the company’s strong free cash flow and an impressive total shareholder return of 77% since its IPO as a standalone entity.

The Otis Board of Directors has initiated a thorough search supported by Spencer Stuart, emphasizing the careful consideration of both internal and external candidates for Marks' replacement. An independent committee of the Board will oversee the succession process, ensuring a smooth transition of leadership crucial for the company’s future direction.

Marks will remain in her current role until July 31, 2027, and will assist in the transition as a senior advisor until the end of that month, should her successor be appointed prior to her planned retirement. During her tenure, she spearheaded the growth of Otis’s service portfolio, increasing it by 25%, ultimately managing approximately 2.5 million units globally – the largest in the industry.

Reflecting on her decade-long journey, Marks expressed pride in the dedication shown by Otis employees, stating, “It has been a distinct honor to serve as the CEO of Otis Worldwide Corporation. I am proud of our global colleagues whose dedication ensures our customers and the 2.5 billion passengers who rely on us each day can count on Otis to keep the world moving.” Her leadership has not only focused on financial success; it has also emphasized enhancing modernization efforts, embedding artificial intelligence in key systems, and restructuring field operations to better meet customer needs.

Moreover, Marks has prioritized the development of Otis's workforce of 72,000 employees, investing in training and ensuring safety standards remain at the forefront of operations. This approach towards workforce management aligns with her overall vision of operational excellence and a customer-centric focus.

As the search for a new CEO progresses, the Board remains optimistic about the future, with Independent Lead Director Christopher J. Kearney thanking Marks for her invaluable contributions. He stated, “Judy has played a central role in re-creating Otis as a standalone company and positioning Otis as a global leader in urban mobility.” He expressed confidence in the foundation and momentum that Otis has established under her stewardship.

In summary, Judy Marks's retirement and the impending leadership transition at Otis are significant developments for the company, anticipated to influence the elevator and escalator industry substantially. As they move forward in this new chapter, the commitment to delivering value to shareholders, customers, and employees remains steadfast. The next CEO will be tasked with building on the robust legacy that Marks leaves behind, navigating the modern challenges and opportunities in the ever-evolving marketplace, and ensuring Otis continues to lead in innovation and service excellence.

Otis Worldwide Corporation, headquartered in Connecticut, is celebrated for its contributions to urban mobility, making it integral to the infrastructure of cities around the globe. With plans for continuous growth and a focus on modernization, the upcoming leadership period is expected to maintain the momentum established over the past decade.