Otis Worldwide Corp. Elects New Director
Ticker: OTIS · Form: 8-K · Filed: Sep 20, 2024 · CIK: 1781335
Sentiment: neutral
Topics: board-appointment, governance
Related Tickers: OTIS
TL;DR
Otis adds FedEx Freight ex-CEO Ducker to its board, effective Sept 18.
AI Summary
Otis Worldwide Corp. announced on September 20, 2024, that its Board of Directors elected Michael D. Ducker as a Class II Director, effective September 18, 2024. Ducker, who previously served as President and CEO of FedEx Freight, will serve on the Audit Committee and the Nominating and Corporate Governance Committee. His appointment fills a vacancy created by the departure of a director.
Why It Matters
The addition of a director with significant logistics and operational experience could bring valuable insights to Otis's strategic decisions and governance.
Risk Assessment
Risk Level: low — The filing concerns a routine board appointment and does not involve significant financial transactions or operational changes.
Key Players & Entities
- Otis Worldwide Corp. (company) — Registrant
- Michael D. Ducker (person) — Newly Elected Director
- FedEx Freight (company) — Previous Employer of New Director
- September 18, 2024 (date) — Effective date of director's election
- September 20, 2024 (date) — Date of report
FAQ
Who was elected as a new director for Otis Worldwide Corp.?
Michael D. Ducker was elected as a Class II Director.
When was Michael D. Ducker's election effective?
The election was effective September 18, 2024.
What previous role did Michael D. Ducker hold?
Michael D. Ducker previously served as President and CEO of FedEx Freight.
Which committees will Michael D. Ducker serve on?
He will serve on the Audit Committee and the Nominating and Corporate Governance Committee.
Why was a new director appointed?
The appointment filled a vacancy created by the departure of a director.
Filing Stats: 941 words · 4 min read · ~3 pages · Grade level 11.8 · Accepted 2024-09-20 16:05:28
Key Financial Figures
- $0.01 — ange on which registered Common Stock ($0.01 par value) OTIS New York Stock Exchange
- $770,000 — , she receives an annual base salary of $770,000. Ms. Mndez's annual target opportunity
- $2,390,000 — award with an aggregate target value of $2,390,000 under the Company's 2020 Long-Term Ince
- $5,000 — f 12,792 CHF and a housing allowance of $5,000 per month plus reimbursement for utilit
Filing Documents
- otis-20240918.htm (8-K) — 34KB
- exhibit101.htm (EX-10.1) — 70KB
- exhibit102.htm (EX-10.2) — 45KB
- image.jpg (GRAPHIC) — 10KB
- image_0.jpg (GRAPHIC) — 5KB
- otis-20240918_g1.jpg (GRAPHIC) — 4KB
- 0001781335-24-000045.txt ( ) — 372KB
- otis-20240918.xsd (EX-101.SCH) — 3KB
- otis-20240918_def.xml (EX-101.DEF) — 16KB
- otis-20240918_lab.xml (EX-101.LAB) — 28KB
- otis-20240918_pre.xml (EX-101.PRE) — 16KB
- otis-20240918_htm.xml (XML) — 5KB
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits (d) Exhibits Exhibit Number Exhibit Description 10.1 Amended and Restated Employment Agreement, dated September 18, 2024, between Cristina Mndez and Otis International Srl. 10.2 Letter of Assignment for Cristina Mndez, effective December 1, 2024. 104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. OTIS WORLDWIDE CORPORATION (Registrant) Date: September 20, 2024 By: /s/ T OBY S MITH Toby Smith Senior Vice President, Corporate Secretary