Otis Worldwide (OTIS) Announces President and CEO Judy Marks Elected as Chair

Otis Worldwide Corp. (NYSE: OTIS), the world's leading company for elevator and escalator manufacturing, installation and service, today announced that its Board of Directors has elected Judy Marks as its Chair, effective February 3, 2022. Marks will also continue in her current role as President and Chief Executive Officer of Otis, a role she has held since June 2019. She will succeed Chris Kearney who has served as Executive Chair since Otis became an independent, publicly traded company in April 2020. He will remain on the Board. John Walker will continue in the role of Lead Independent Director.

The combination of the offices of President and CEO and Chair of the Board underscores the Board's confidence in Marks, Otis and the extended Otis team. Under Marks' leadership, Otis has delivered strong financial performance by driving near and long-term strategic priorities while navigating the COVID-19 pandemic and related macro-economic pressures. Empowered by its 69,000 dedicated colleagues, Otis is positioned for sustainable growth and value creation for our customers, colleagues, communities and shareholders.

"It has been an honor to work alongside and learn from Chris in his role as Executive Chair. I am thrilled that he will remain on the Board so we can continue to benefit from his superb judgment and deep leadership experience," said Marks. "I am proud to succeed him in leading our talented and diverse Board."

"Judy has proven to be an exceptional leader – setting a vision, creating an environment of success, removing obstacles and driving results," said John Walker, speaking on behalf of the Board of Directors. "We are confident in her ongoing leadership of the Otis business, and now the Board, as together we continue to lead the industry that we created more than 168 years ago."

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