OTIS: Leadership change · Company disclosure

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On September 15, 2026, Otis Worldwide Corporation (the “Company”) announced that the Board of Directors of the Company (the “Board”) and Judith F. Marks, the Company’s Chair, Chief Executive Officer and President, have agreed that Ms. Marks will retire from the Company effective on the earlier of (i) the date her successor commences service as the Company’s Chief Executive Officer and President, which is currently expected to occur during the first half of 2027, and (ii) July 31, 2027 (such earlier date, the “Transition Date”). Ms. Marks will also resign from the Board effective as of the Transition Date. As part of the Board’s ongoing succession-planning process, the Board is conducting a comprehensive search to identify the Company’s next Chief Executive Officer, with which Ms. Marks will assist. The search is being overseen by a succession committee of the Board chaired by Christopher J. Kearney. The succession committee has retained Spencer Stuart, a leading global executive search firm, to assist with the search, which is considering both internal and external candidates. In connection with this transition, the Company and Ms. Marks entered into a letter agreement on September 13, 2026 (the “Transition Agreement”). Under the Transition Agreement, Ms. Marks will continue to serve as the Company’s Chair, Chief Executive Officer and President through the Transition Date and will resign from the Board and all other positions with the Company and its subsidiaries effective as of that date. However, if the Transition Date occurs before July 31, 2027, Ms. Marks will serve as a non-employee senior advisor through July