Otis Worldwide Corporation announced that in connection with the Separation and the Distribution, effective as of the Effective Time, the following individuals, who had been previously serving in their positions shown below, continued as executive officers of the Company as set forth in the table below: Judith F. Marks President and Chief Executive Officer. Rahul Ghai Vice President and Chief Financial Officer. Michael P. Ryan Vice President and Chief Accounting Officer (Controller). On April 2, 2020, Otis Worldwide Corporation (the “Company”) entered into a Separation and Distribution Agreement with United Technologies Corporation (since renamed Raytheon Technologies Corporation) (“UTC”), pursuant to which, among other things, UTC agreed to separate into three independent, publicly traded companies – UTC, Carrier Global Corporation (“Carrier”) and the Company (the “Separation”) – and distribute (the “Distribution”) all of the outstanding common stock of the Company to UTC shareowners who held shares of UTC common stock as of the close of business on March 19, 2020, the record date for the distribution. UTC distributed 433,079,455 shares of common stock of the Company in the Distribution, which was effective at 12:01 a.m., Eastern Time, on April 3, 2020 (the “Effective Time”). As a result of the Distribution, the Company is now an independent public company and its common stock is listed under the symbol “OTIS” on the New York Stock Exchange. On March 17, 2020, the day prior to the start of when-issued trading, the size of the Board expanded to consist of five directors, and Jeffrey H. Black was appointed to the Board and the Audit Committee, effective as of such date. In connection with the Separation and the Distribution, effective as of the Effective Time, the size of the Board expanded again to consist of nine directors, and each of Gregory Marshall, Sean Moylan, Michael P. Ryan and Christopher Witzky resigned from the Board. Each of Christopher J. Kearney, Kathy Hopinkah Hannan, Shailesh G. Jejurikar, Judith F. Marks, Harold W. McGraw III, Margaret M. Preston, Shelley Stewart, Jr. and John H. Walker was appointed to the Board effective as of the Effective Time. Jeffrey H. Black remains on the Board and will continue to serve as a director of the Company. As of the effective time of their election to the Board: Each of Jeffrey H. Black, Kathy Hopinkah Hannan, Shailesh G. Jejurikar and Shelley Stewart, Jr. were appointed to serve as members of the Audit Committee of the Board and effective as of the Effective Time, Jeffrey H. Black was appointed Chair of the Audit Committee; Each of John H. Walker, Shailesh G. Jejurikar, Harold W. McGraw III and Margaret M. Preston were appointed to serve as members of the Compensation Committee of the Board and John H. Walker was appointed Chair of the Compensation Committee; Each of Margaret M. Preston, Kathy Hopinkah Hannan, Harold W. McGraw III and Shelley Stewart, Jr. were appointed to serve as members of the Nominations & Governance Committee of the Board and Margaret M. Preston was appointed Chair of the Nominations & Governance Committee; and Christopher J. Kearney was appointed Executive Chairman of the Board.