Newly independent elevator maker Otis Worldwide Corp has named Jim Cramer president of Otis Americas.
In this role Cramer, who had served as interim president of Otis Americas since February, oversees 15,000 employees across 14 countries in North and South America with manufacturing operations and service centers in the U.S. and Brazil, according to the company.
“During his distinguished 34-year career at Otis, he has earned a strong reputation for his strategic thinking, customer focus and passion for creating an inclusive culture,” Otis Worldwide CEO Judy Marks said.
The move comes amid pandemic-related financial headwinds that hit Otis soon after the company completed its transition from a subsidiary of the United Technologies Corp. (now Raytheon Technologies Corp.) into an independent company.
In a quarterly earnings call last month, Marks reported a nearly 40% drop in first-quarter profits as global demand for elevators and repair services declined amid the coronavirus pandemic.
Marks told shareholders during that call that Otis expects sales to decline up to 7% in 2020, amid COVID-19-related drops in demand and delays in equipment installations.
