Otis CEO Marks to retire next year, succession search underway
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Otis Chair and CEO Judy Marks speaks at the Invest in China Summit 2024, in Beijing, China March 26, 2024. REUTERS/Tingshu Wang
Sept 15 - Otis Worldwide CEO Judy Marks, who helped navigate the elevator maker's transition to a stand-alone company after its 2020 spin-off from United Technologies, is set to retire, the company said on Tuesday.
A committee of independent directors is looking for a successor.
• Marks, who has been CEO for seven of her nine years at Otis, will continue to lead through July 31, 2027; she will serve as a senior adviser if a successor is named before that.
• The board committee, supported by executive search firm Spencer Stuart, will consider both internal and external candidates.
• Prior to leading Otis, Marks was CEO of Siemens USA and Dresser-Rand, a Siemens business focused on energy and industrial equipment.
• Otis shares fell 1.4% in early trading.
(Reporting by Miraanta Lowrance in Bengaluru; Editing by Joyjeet Das)
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