Otis Worldwide CEO Judy Marks, who led the elevator maker through its transition to an independent company after the 2020 spin-off from United Technologies, is set to retire. She will remain CEO through July 31, 2027, and would become a senior adviser if a successor is appointed earlier. An independent-director committee, supported by executive search firm Spencer Stuart, is considering internal and external candidates. Marks has been CEO for seven of her nine years at Otis, after previously serving as CEO of Siemens USA and Dresser-Rand, a Siemens business focused on energy and industrial equipment. Otis shares fell 1.4% in early trading.