Otis Worldwide’s Judy Marks to Retire

Otis Worldwide Corporation announced Sept. 15 that CEO Judy Marks will retire.

The Farmington-based elevator and escalator giant confirmed the move in a formal statement.

Marks has led the company since it became an independent, publicly traded business.

The Otis board of directors described this as execution of a “long-standing” succession plan.

Marks will step down once her successor is named, which is expected sometime in the first half of 2027. She will also step down from Otis’s board.

She will serve as a senior advisor through July 31, 2027 to help with the transition for employees, customers, and shareholders.

Search Process

Marks joined Otis nearly nine years ago. She led the company through its 2020 separation from United Technologies Corporation.

That spinoff happened during the early, chaotic months of the COVID-19 pandemic.

Since then, Otis has returned $8.4 billion to shareholders, including $3.4 billion in dividends and $5 billion in share buybacks.

“Otis is well positioned to drive growth.”

Judy Marks

“It has been a distinct honor to serve as the CEO of Otis Worldwide Corporation,” Marks said in a statement.

“Otis is well positioned to drive growth through an enhanced focus on the service and modernization needs of our customers around the world, the continued expansion of our portfolio and the advantages provided by our investments in infrastructure and process improvement.”

The Otis board has launched what it calls a “comprehensive search” for the next chief executive.