In this interview, Nicolai Tangen speaks with Judy Marks, the CEO of Otis, about the elevator industry, its dynamics, and Otis's role within it. They discuss the factors that make a good elevator, the history and iconic status of Otis's installations, and the consolidated nature of the elevator market due to safety regulations and high barriers to entry. Marks explains Otis's profitable service-driven business model, driven by recurring maintenance and modernization needs, and highlights the importance of their 44,000 field mechanics. The conversation touches on demographic trends driving growth, the company's focus on customer service inspired by Japanese standards, and innovations like connected elevators and predictive maintenance. Marks also shares her experiences leading Otis through a spin-off during COVID, the importance of company culture, and her leadership philosophy, emphasizing strategy, risk management, customer centricity, and the value of optimism and storytelling.
