Judy Marks - Chair of the Board, Chief Executive Officer and President of Otis Worldwide Corporation
Otis Worldwide Corporation announced on September 15, 2026, that Judy Marks will retire, stepping down from her roles as Chair of the Board, Chief Executive Officer and President after a successor is appointed. The transition is expected to take place in the first half of 2027.
The Otis Board of Directors has begun the search for a new CEO with the support of Spencer Stuart, an executive search consulting firm. The pool of candidates includes both internal and external applicants; the selection process is overseen by a committee composed of independent Board members.
Under the plan, Ms. Marks will continue to hold her current positions until her successor begins work, but no later than July 31, 2027. If the appointment is completed earlier, she will serve as a senior advisor until the aforementioned deadline to support the transition process.
Judy Marks joined Otis in 2017. One of the major milestones of her tenure was Otis's separation from United Technologies Corporation to become an independent company in April 2020, precisely when the COVID-19 pandemic began to heavily impact global economic activity.
In the years that followed, under Judy Marks's leadership, Otis increased investment in the service segment – a field that generates recurring revenue and has higher profit margins. According to figures published by the company, the portfolio of equipment maintained by Otis grew by approximately 25%, to nearly 2.5 million elevators and escalators worldwide.
Since becoming an independent company, Otis said it has returned 8.4 billion USD to shareholders, including 3.4 billion USD in dividends and 5 billion USD in share buybacks. Total shareholder return during this period reached 77%.
Under Ms. Marks's leadership, the corporation also strengthened its modernization segment, integrated artificial intelligence into several key systems and reorganized field service operations with a more customer-centric approach.
Otis also acquired the stakes of non-controlling shareholders in its subsidiaries in Spain, Japan, China and India, along with several local elevator service businesses.
Otis currently has approximately 72,000 employees worldwide, most of whom are technicians and service personnel. Ms. Marks believes that the service platform, modernization and equipment portfolio are creating conditions for the company to continue growing after the leadership transition.
Mr. Christopher J. Kearney, the independent lead member of the Otis Board of Directors and Chair of the Succession Committee, assessed that Ms. Marks played a vital role in re-establishing Otis as an independent company, building its growth strategy and strengthening the company's position in the global urban transportation sector.
