Otis expects to appoint a successor in the first half of 2027, with Marks remaining available to support the transition through July.
Otis Worldwide Corporation has announced that Judy Marks will retire as Chair, Chief Executive Officer and President when her successor takes office, marking a leadership transition at the global elevator and escalator company.
The appointment is expected in the first half of 2027. Otis said the move forms part of its established succession plan, with the Board of Directors beginning a search that will evaluate candidates from within the company and outside it.
Executive search firm Spencer Stuart is supporting the process. A committee of independent directors, chaired by Christopher J. Kearney, Otis’ Independent Lead Director, is overseeing the selection.
Marks will continue in her current roles until the handover, with her service in those positions scheduled through 31 July 2027 if a successor has not taken office earlier. If the appointment occurs before that date, she will remain with Otis as a senior advisor until the end of July to support the transition.
Her tenure has included a major change in the company’s corporate structure. After joining Otis nearly nine years ago, Marks led its separation from United Technologies Corporation in April 2020, establishing it as a standalone publicly traded business during the opening months of the COVID-19 pandemic.
Since then, Otis has directed greater investment towards service, a business that provides recurring revenue through the maintenance of installed equipment. According to the company, its maintenance portfolio has expanded by approximately 25% during her leadership and now covers around 2.5 million units worldwide.
Modernisation has also been a focus, alongside the integration of artificial intelligence into critical systems and changes to field operations intended to strengthen customer service.
The company’s acquisition activity during this period has included purchases of minority shareholder interests in subsidiaries in Spain, Japan, China and India, as well as acquisitions of local service businesses.
Otis reported that, since becoming an independent company, it has returned US$8.4 billion to shareholders. This comprises US$3.4 billion in dividends and US$5 billion in share repurchases. The company also cited a total shareholder return of 77% over that period.
Commenting on the transition, Marks highlighted service and modernisation, portfolio growth, and investments in infrastructure and process improvements as continuing priorities. She also acknowledged the contribution of employees across the company’s global operations.
Kearney credited Marks with guiding Otis through its emergence as an independent business, developing its strategy and maintaining key customer relationships. He described the succession process as the implementation of the Board’s long-standing plan.
Headquartered in Connecticut, Otis employs approximately 72,000 people, including 45,000 field professionals, and serves customers in more than 200 countries and territories. The company manufactures, installs, maintains and modernises elevators and escalators.
Source: Otis official announcement, 15 September 2026.