Form 8-K · Current report
Otis Worldwide 8-K, filed Sep 15, 2026
- Filed
- CIK
- 0001781335
- Accession no.
- 0001140361-26-036566
Summary
Otis Worldwide (OTIS) announced that Chair, Chief Executive Officer and President Judith F. Marks will retire effective when her successor takes the CEO and president role, expected in the first half of 2027 and no later than July 31, 2027, when she will also leave the board. A board succession committee chaired by Christopher J. Kearney has retained executive search firm Spencer Stuart and is considering both internal and external candidates, and Marks will assist the search.
Key points
- Marks will continue as Chair, CEO and President through the earlier of her successor's start date or July 31, 2027, and under a September 13, 2026 transition agreement will serve as a non-employee senior advisor through July 31, 2027 without cash compensation if the transition occurs sooner.
- Marks joined Otis nearly nine years ago and led its separation from United Technologies Corporation in April 2020.
- Otis said it has returned $8.4 billion of capital to shareholders since becoming standalone, including $3.4 billion in dividends and $5 billion in buybacks, and grown its service portfolio to about 2.5 million units.
- The filing notes the transition agreement lets Marks' outstanding equity awards continue to vest during any advisory period and keeps her eligible for a 2026 annual bonus based on actual performance.
Written by an AI model from the filing text. It can be incomplete or wrong; the filing on SEC.gov is the record.
Items reported
- 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
- 7.01Regulation FD Disclosure
- 9.01Financial Statements and Exhibits
From the filing
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On September 15, 2026, Otis Worldwide Corporation (the “Company”) announced that the Board of Directors of the Company (the “Board”) and Judith F. Marks, the Company’s Chair, Chief Executive Officer and President, have agreed that Ms. Marks will retire from the Company effective on the earlier of (i) the date her successor commences service as the Company’s Chief Executive Officer and President, which is currently expected to occur during the first half of 2027, and (ii) July 31, 2027 (such earlier date, the “Transition Date”). Ms. …
An excerpt of the text as filed with the SEC, cut for length.
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