Otis Worldwide Corporation announced that Chair, CEO, and President Judith F. Marks will retire effective upon the appointment of her successor, expected in the first half of 2027, or by July 31, 2027. The Board has initiated a comprehensive search for the next CEO, overseen by a succession committee chaired by Christopher J. Kearney and assisted by Spencer Stuart. Marks will serve as a non-employee senior advisor through July 31, 2027 if her successor is appointed earlier, with equity awards continuing to vest during this period. Otis Worldwide Corporation operates in the elevator and escalator manufacturing, installation, service, and modernization industry.

Otis Worldwide Corporation reported second quarter 2026 net sales of $3.9 billion, a 7% increase year-over-year, driven by an 11% rise in Service sales. GAAP net income attributable to common shareholders rose 9% to $428 million, while GAAP earnings per share increased 13% to $1.12. Adjusted operating profit decreased by $25 million to $587 million, impacted by higher interest and tax rates despite strong service growth. For the first half of 2026, net sales grew 7% to $7.4 billion and GAAP net income reached $768 million. The company revised its full-year 2026 outlook, forecasting net sales between $15.1 billion and $15.3 billion and adjusted EPS of $4.01 to $4.05. Otis is an elevator and escalator manufacturing, installation, and service company.