Otis falls after CEO Marks to retire next year

Shares of elevator maker Otis OTIS.N down about 1.4% at $69 in early trading

CEO Judy Marks is retiring after leading Otis through its transition into a standalone company following its 2020 spinoff from United Technologies

Marks, who has been CEO for seven of her nine years at Otis, will continue to lead through July 31, 2027

A committee of independent directors is looking for a successor

The board committee, supported by executive search firm Spencer Stuart, will consider both internal and external candidates for the role

Including session's moves, shares down 21.1% YTD