Key facts
- Otis CEO Judy Marks will retire by July 31, 2027.
- A board committee is searching for a successor, considering internal and external candidates.
- Marks will continue as CEO until a successor is appointed or July 31, 2027.
- She may serve as a senior advisor after stepping down as CEO.
- Marks previously served as CEO of Siemens USA and Dresser-Rand.
Otis Worldwide announced that Chief Executive Officer Judy Marks plans to retire by July 31, 2027, marking the end of her tenure leading the elevator manufacturer since its separation from United Technologies in 2020. A committee of independent directors, supported by executive search firm Spencer Stuart, is undertaking a comprehensive search for her successor, considering both internal and external candidates.
Marks, who has been CEO for seven of her nine years at Otis, will continue in her role until her successor is appointed or the July 31, 2027 date. She may also serve as a non-employee senior advisor through that date to facilitate the transition. During her leadership, Otis has returned approximately $8.4 billion to shareholders through dividends and share buybacks, achieving a 77% total shareholder return since the company became independent in April 2020. The company also shifted investment towards its higher-margin Service business, expanding its service portfolio to about 2.5 million units globally.