Otis CEO Marks to retire next year, succession search underway

• 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.

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.