Otis CEO Judith Marks to Retire in 2027

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Marks, its Chair, Chief Executive Officer, and President, will retire effective on the earlier of the appointment of her successor, expected in the first half of 2027, or July 31, 2027. Marks will assist the Board in the search for her successor, which is being overseen by a succession committee chaired by Christopher J. Kearney. The Board has retained Spencer Stuart, a leading global executive search firm, to assist with the search. Marks will continue to serve in her current roles until the Transition Date and may serve as a non-employee senior advisor through July 31, 2027 to support the transition. Under her leadership, Otis has delivered strong financial performance, returned $8.4 billion to shareholders, and expanded its service portfolio to approximately 2.5 million units globally.

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About Otis Worldwide Corp.

Otis Worldwide Corp. is a leading manufacturer and service provider in the vertical transportation industry, specializing in elevators, escalators, and moving walkways. Founded in 1853, the company has played a pivotal role in enhancing urban mobility across residential, commercial, and industrial buildings globally. Otis stands out for its advanced engineering solutions and commitment to safety and sustainability, delivering reliable and efficient transportation systems that cater to the modern needs of skyscrapers and high-capacity structures. With a focus on innovation, Otis continues to develop smart and connected products that improve building efficiency and user experience, such as the Otis ONE IoT platform for predictive maintenance. Operating in over 200 countries, Otis is a critical player in the infrastructure sector, contributing to the functionality and modernization of urban environments. As a result, it holds significant importance within the engineering and construction industries, influencing trends and standards in building design and operational excellence.