Otis CEO Judy Marks to Retire in 2027

Otis Worldwide (OTIS) announced on Sept. 15, 2026 that Chief Executive Officer Judy Marks intends to retire in 2027, setting in motion a leadership transition at the elevator and escalator company. The board has formally launched a succession process to identify her successor, framing the move as a structured and planned change in leadership rather than an abrupt departure.

The announcement confirms that Marks, who also serves as board chair and president, will continue to lead the company during the search period. Otis (OTIS) specified that she is expected to remain in the CEO role through July 31, 2027, providing continuity while the board completes its review of potential candidates.

Responsibility for the succession process has been assigned to a committee of independent directors on the Otis board. This group is overseeing the search, reflecting the board’s intention to separate the evaluation from company management and maintain governance oversight during the transition.

The committee has retained executive search firm Spencer Stuart to support the process. With this external adviser in place, the search will consider a broad range of internal and external candidates, rather than limiting the field to current Otis executives. The company has not identified any specific contenders or a target appointment date within 2027.

Otis has set out a clear framework for the handover of responsibilities from Marks to the next CEO. Under the plan, Marks will remain in her current role through July 31, 2027, unless a successor is named earlier. This timetable is designed to provide stability for employees, customers and other stakeholders while the search progresses.

If the board appoints a new chief executive before the July 31, 2027 date, Marks will not depart immediately. Instead, she will transition into a senior adviser position to support the incoming CEO and help facilitate an orderly transfer of leadership. Otis has not disclosed how long that advisory role would last, focusing instead on ensuring a smooth succession process.

By announcing the retirement timeline more than a year in advance and detailing the succession process, Otis is providing visibility into its leadership plans. The involvement of an independent directors’ committee and an external search firm indicates that the board is keeping multiple options open as it evaluates the company’s next chief executive.

While the company has not disclosed specific strategic criteria for the new CEO, the stated approach suggests an emphasis on continuity paired with the possibility of bringing in new perspectives. Until a successor is chosen and installed, Marks is expected to continue leading Otis under the existing governance structure.