Otis Worldwide Corporation filed a Form 8-K with the SEC on September 15, 2026, disclosing that Chair, Chief Executive Officer, and President Judith F. Marks has agreed with the Board of Directors to retire no later than July 31, 2027, with a successor search now underway.

Key Highlights

  • Retirement agreement: Judith F. Marks will retire as Chair, CEO, and President on the earlier of her successor's start date or July 31, 2027, per a letter agreement dated September 13, 2026.
  • Board resignation: Ms. Marks will also resign from the Board of Directors effective as of the same Transition Date.
  • Successor search: A succession committee of the Board, chaired by Christopher J. Kearney, is conducting a comprehensive search considering both internal and external candidates.
  • Search firm retained: The succession committee has retained Spencer Stuart to assist with the CEO search.
  • Advisory role: If the Transition Date occurs before July 31, 2027, Ms. Marks will serve as a non-employee senior advisor through July 31, 2027, with no cash compensation for those services.
  • Equity and bonus treatment: Outstanding equity awards will continue to vest during the advisory period per their terms, and Ms. Marks remains eligible for her 2026 annual bonus based on actual performance, prorated if the Transition Date occurs before January 1, 2027.

Terms of the Marks Transition Agreement at Otis Worldwide

According to the filing, Otis Worldwide Corporation (NYSE:OTIS) and Ms. Marks entered into a Transition Agreement on September 13, 2026. Under its terms, Ms. Marks will continue serving as Chair, CEO, and President through the Transition Date, after which she will resign from the Board and all other positions with the company and its subsidiaries. The Transition Date is defined as the earlier of the date her successor commences service, currently expected during the first half of 2027, or July 31, 2027.

The filing specifies that if the Transition Date occurs before July 31, 2027, Ms. Marks will transition into a non-employee senior advisor role to support the leadership handover through July 31, 2027. The company disclosed that she will receive no cash compensation for those advisory services, but her outstanding equity awards will continue to vest in accordance with their terms during that period. The filing also notes that if Ms. Marks is terminated by the company without cause, or resigns following the company's material breach of the Transition Agreement, that termination date will constitute the Transition Date and her advisory service will commence at that point.

The Board's succession committee, chaired by director Christopher J. Kearney, is overseeing the search with the assistance of Spencer Stuart. The filing states the search is considering both internal and external candidates. A press release announcing the executive transition was furnished as Exhibit 99.1 to the filing, and the full Transition Agreement was filed as Exhibit 10.1.

What Was Disclosed

Otis Worldwide disclosed the planned retirement of CEO Judith F. Marks, the terms of her Transition Agreement dated September 13, 2026, and the initiation of a formal CEO succession search overseen by a Board committee with assistance from Spencer Stuart.