Thirty Minute Mentors Podcast Transcript: Otis Worldwide CEO Judy Marks

I recently interviewed Judy Marks on my podcast, Thirty Minute Mentors. Here is a transcript of our interview:

Adam: Our guest today is a Fortune 500 CEO, and the leader of the largest elevator company in the world. Judy Marks is the CEO of Otis Elevator, where she leads a $12 billion business and nearly 70,000 people serving customers across more than 200 countries and territories around the world. Judy, thank you for joining us.

Judy:  I'm delighted to be with you, Adam

Adam: You grew up in Pennsylvania and studied Electrical Engineering at Lehigh. Can you take listeners back to your early days, we were chatting off the air about your childhood passion for the Philadelphia Phillies. So maybe we won't go too deeply into baseball, given my love of the Angels. But what were the key experiences and lessons learned that were most formative to your success?

Judy: Yeah, happy to, you know, I think we learn our values, you know, as children, and then get to, obviously experience them and share them as we become adults. But I really learned, you know, the values from a business perspective on how you treat people, whether those are your colleagues or your customers from the family business I was raised in. And my father had a small department store with a partner in the suburbs of Philadelphia, and we were able to all not just have the experience of working there, but really just understand how a business model comes together and can become very personal. And no matter where I've been in life, I've taken those lessons with me that you can't have a business, if you don't have satisfied customers. It doesn't matter size or scale, you know, you need to work hard. And I learned that as a young professional after finishing my engineering degree and going to work for IBM, you need to take on tough assignments, you need to learn as much as you can. And that continues through today and the current opportunity and leadership role I have and learn what's critical to business success. And you can't do this alone, Adam, you have to do it with and through others. So finding the right mentors, the right sponsors, that's your development, although it's always important for that to be a mutual relationship, wherever you are, you own it. And so I think people need to understand that and go after what they're interested in pursuing. And you know, the last thing I'd say, and I started this with values, and I'll end this comment with values is, that is who you are, and you have to stay true to them. And if what you're doing in life or at work has a conflict that puts you in a precarious position, you have to stay true to yourself and your values.

Adam: Judy, you hit on a number of key themes that we're going to dive into over the course of this conversation; mentorship, the importance of ethics and values as it pertains to all aspects of your life, all aspects of your career. And one thing that you mentioned right off the bat, which I want to ask you about customer centricity. What are your best tips for listeners on how to build and lead customer centric organizations?

Judy: Yeah, so it really, as I said, it doesn't matter. And again, as an engineer, I love technology. But it really doesn't matter what product or service you've invented, you innovate, you develop. If you can't deliver it, if you can't satisfy a customer's needs, you will not have a successful business. So it really is about satisfying customers. I learned that, again, you know, working behind the counter at my dad's store. And it's true today with just such a significant number of customers who can reach me pretty much around the clock. And I do hear from a lot of condominium association presidents, as you can imagine, because our elevators are pervasive and ubiquitous across the globe. But I've always believed that people do business with people. And it doesn't matter what the size of a deal is, it doesn't matter what you're potentially doing an acquisition on. It doesn't matter who you're trying to satisfy. People do business with people, even in digital marketing, it's how you create it, and how you have the ability to satisfy customer needs. So, you know, we always try to remain focused on the people we serve, you know, what are the pain points in the market? What are they looking for? And then really, how can you satisfy that customer today in the next generation and then strategically in the generation after the next generation, and if you can put those roadmaps together and be able to bring people together, you know, in our company and our industry who can solve those problems, then you have the ability to keep cities rising and keep people moving. And that's what we do safely and reliably. You know, customers need advocates. And that's where, you know, we talk about digital tools and digital marketing. And those advocates are people who are buying differently today. And they need real time information, they need the ability to be able to have data and make decisions. And we need to anticipate what the solutions in the future need to look like, and what problems people are going to have. So you know, if it's really all about response, I know I've learned throughout my career, and it happens on a daily basis, you know, you will run into challenges, especially with customers, you cannot, every day, every minute satisfy everyone and mature customers understand that. But it's how you respond and react to those problems. Everyone understands in business, you're going to come upon challenges at times. It's how you respond, how you Marshal the skills and the resources you need, and how you solve those issues. That's what defines your culture. And just as importantly, that defines your future enduring relationships with customers. And it gets tested all the time it got tested during the pandemic, it got tested, you know, when we had certain customers in different verticals, who really just needed our support, whether it was a hospital, who needed us there to make sure that they were able to continue to move patients, or whether it was a hotel that had been really just needed a very, very small servicing to make sure they were still code compliant, even though they were, you know, we're at minimal capacity. This is where, again, long term relationships develop, because you have the ability to pivot to listen to your customers and to respond. And you know, again, technology helps. But it's all about people. And it's all about communicating.

Adam: Judy, you shared so many great tips around how to lead a customer centric organization, and so much of that is applicable universally; the importance of owning mistakes, the importance of when you make a mistake, not pretending that it didn't happen, but acknowledging that it happened, addressing it, taking the time to listen, learning from your mistakes, and ensuring that you don't make the same mistake twice, viewing mistakes, human failures as opportunities to grow opportunities to become better as a leader and better as an organization.

Judy: I don't like the word failure, because I think it's a setback. I think when you're not willing to try something, or risk a decision, obviously, in our business, a life safety decision, we would never risk it. But so many other business decisions, if you're not willing to take risk, then you're never going to truly learn how far you can go, you're not going to know where the boundary conditions are. So we've all faced obstacles, we've all faced setbacks, it's what you learn from that into your audience, you know, not reaching far enough, and knowing where and when you cross that threshold, probably means you're not stretching yourself enough, and you're not continuing to learn and to apply your new techniques and new approaches. That's what moves people forward. And you have to create a culture which hopefully, we have here at Otis, where, again, not on the life safety side, we understand how important and everyone puts their trust in us that they don't think twice about using our product. But more importantly, on other items. That's how you come up with innovations, whether that's a new business model, a new technology, a new offering, you know, we we try, we try some embryonic models, and every now and then we look and we say, you know, that's really not working, okay, we're going to sunset that. And it doesn't mean you know, there's penalties with that. It doesn't mean the people who worked on it weren't capable and didn't produce something wonderful. It's just a balance you have in business. So then you reallocate the resources, you reset the team, and you learn from that and you move on. But I think if you're not learning, you just become stagnant. And so again, I don't really like the word failure. I really think of it more as a challenge, or an obstacle, and at times a setback, but one that again, takes you forward not makes you reflect backwards after you've learned from it.

Adam: What was the biggest challenge, obstacle or setback in your career and how did you overcome it?

Judy: Well, I've had a few so maybe I took some of my counseling to heart, because I would always volunteer or trust the people around me who said, you know, we really need you to take on this new challenge, whether I thought I was ready or not, and I think in, you know, a lot of mentoring relationships, people never quite feel they're fully ready for something. And I was asked to run a joint venture earlier in my career, where it was a very unique position, a 50/50 JV. And I came in the middle and the business was struggling. And as opposed to probably staying as analytic and objective, as I tried to convince myself I am from my engineering upbringing, I bought into the business case, and thought I could drive this recovery. And at the end of the day, I couldn't because the business case was not sound. And we ended up shutting down the joint venture, and it impacted colleagues' livelihoods, it impacted customers. And you know, the lesson I learned from that was, you know, is make decisions but remain objective, don't get caught in paralysis by analysis, but remain objective. Even if you've been asked to turn something around, if it's really not feasible, then have the courage to say that, and the conviction to stand behind that. I think that was something I learned. And I think I've, you know, become a better leader to this day. I will tell you, though, Adam, it really does crystallize the tremendous responsibility you have as a leader for other people's livelihoods. And I really do think about that with 69,000 colleagues globally, first, their personal health and safety, but also making sure we have a growing business. And people have an opportunity when they're colleagues and part of the Otis family to succeed, and to take care of their own lives as well.

Adam: Judy, you've mentioned the word mentorship a couple times early on in this conversation. You have been the beneficiary of mentorship, you're a mentor to many. hat are your best tips on the topic of mentorship?

Judy: I think it's a two way street. And you know, I struggle when people assign mentors. So what I would would offer is, if you're looking for a mentoring relationship, find someone you respect there, you have some attributes that you want to add to your own personal development, and then approach them and understand they may already be chock full of other mentees, and say, that's alright, can I maybe just get an hour with you? It won't be an ongoing relationship, but I could learn a lot and I have something to offer for you. Because mentoring works both ways. And even the mentor can and should learn from a relationship with a mentee. So you know, most people will make that time again to pay back to share with the next generation to share, you know, learnings and you know, I would tell you to be patient, for the mentees, understand the person that you're you're going to have this relationship with, and what you bring to the party, and then just again, come to it, not expecting everything, but have a clear objective, whether you want to understand office culture, whether you want to understand, you know, how do you do product development, understand what you want out of that relationship? or if you just want to understand, you know, professional development, you know, how do I meet other people like me, you know, are there employee resource groups, things like that. So, you know, again, come with an objective, not just a general way, I really like this person as my mentor so that, again, you bring something to offer as the mentee, and you also take something from it, but it's fairly well defined.

Adam: Judy, you shared so many gems there, and I want to highlight a few for listeners. The listeners might be nodding, because so much of what you said is very much in line with what other guests have shared. Firstly, the importance of mentorship being a relationship that benefits the mentor, as much as it benefits the mentee. One of the earlier guests on this podcast, the great venture capitalist, Brad Feld, shared a story about one of his mentors who became a business partner, who ultimately viewed Brad as his mentor. So sometimes your mentor can become your mentee, the importance of not trying to force a mentor-mentee relationship. At the end of the day, there has to be a common bond, there has to be something organic that brings two people together, whether it's a shared hobby,-you and I both love baseball, we might have different teams that we root for, but that's a common connection between us. Maybe you attended the same university, maybe you attended the same high school, maybe you belong to a similar affinity group. But if there's some connection that ties two people together, that will make the connection a lot more natural than an organization forcing two people to become friends with each other doesn't work that way in life. And it doesn't work that way in mentor-mentee relationships. I wanted to ask you a little bit more about your journey before we talk about your time leading a Fortune 500 company. What were the skills you developed as you're working your way up the corporate ladder that have been most instrumental to your ability to become a Fortune 500 CEO, and to ultimately excel as a leader of such a large organization?

Judy: Well, they're fairly basic. I'd start with kind of a passion for solving problems, which is probably why I went into engineering where you learn that with enough time and resources, there really isn't a problem you can't solve. So those STEM skills, those analytic skills, that ability to solve problems, and these could be any problems, organizational design problems, you know, customer issues, product issues, I just have a love for solving complex problems. And that was just a core skill that got applied through all different disciplines, you know, throughout what's now about 37 years in industry. I think it's really important. And it happens probably a little later in your career. But I think everyone can, early in their career, think about a vision, and set a clear vision and strategy. Even if it's only in the group you're working with, or the small project you have, even if you're an entry level colleague, set a vision- what do you aspire to be? The strategy then is, what do you need to put in place to achieve that vision. And obviously, that gets more sweeping as you go along. You know, in my case, it goes beyond just the business itself. Its Capital Management, its multiple items, but setting that clear vision, being able to articulate it without needing to look at a piece of paper, but understanding what you hope to achieve. And then, each year doing self reflection to say, did I make my path? And, did I make progress in that journey towards that vision and strategy? I've been a lifelong learner, I still am a voracious, you know, reader. And, you know, every morning when I get up I read multiple, multiple news sources, feeds, subscriptions, and I just think you never stop learning. And it doesn't really matter what position you're in, the world is constantly changing. We've got new generations coming into the workforce, the challenges are different. But you know, there's always that ability to learn from others. And then I would just really tell you, if, you know, one or two more that are top of mind, the first I would say, which is a skill most people have innately. And they need to understand how to cultivate trust in the people around you and in your colleagues, you cannot do everything by yourself in any enterprise. And so you really do need to trust those around you, you need to empower them. And then, you know, as a team, it makes some hard decisions, but gives people the authority and the ability to deliver for and with you and empower them to do that. And then, you know, the last thing, which probably wasn't always, especially earlier in my career, quite as developed, is really using my voice. And everyone and I tell people this, you know, when you come in a meeting with me, if you're in that room, you were invited for a reason, and everyone's voice is equal. And I expect people to speak up and share because ideas come from everywhere in the organization. But now I'm at a point where, you know, I want to use my voice to advocate for positive change. And as business leaders, there's a lot of trust in us today globally. And we have a responsibility to use our platform and our voices, again, to make a difference, to have purpose and to make a difference in society as well. I said a lot there, Adam, but hopefully that gives you a full range.

Adam: That's great. And you have been using your voice around this issue. Diversity and Inclusion has been an important topic in the world of business and in the world in general. And many leaders are still trying to figure out how to be a part of the solution. You've lived this issue as a female excelling and leading in a male dominated business and in male dominated industries throughout your career. And now as the CEO of Otis, and you made diversity and inclusion one of your top priorities. As a leader, what should listeners understand about diversity and inclusion? How can they make a difference? What should women who are in your position or were in your position, understand, and what should men understand to make this world and make the world of business a better and more welcoming place?

Judy: Let me start with everyone needs their voice. And inclusion to me is all about people feeling part of the organization and wanting to contribute. So while diversity may mean different things, diversity of thought is really what we strive for, especially based on all the countries we're in, making sure everyone's voice is heard. Inclusion is that full-throated ability that everyone feels engaged, they feel part of the enterprise, and they feel valued, and that their contributions are making a difference. So we encourage, and I personally encourage, individual voices, because I think you'll find different solutions to the problems we have today and tomorrow. And we need to actively support each other. And we need to be role models in the communities around us. You know, we are a, you know, a global player. We have 1,400 branch offices across the globe. So we need to represent and look like the communities we're part of, and also be part of those communities, in terms of how we return, whether it's our social responsibility, our volunteerism, and we not only encourage that, we really celebrate it, and we think that it’s important. But you know, everyone- and I get quoted a lot saying this, everyone has a right to feel safe, welcomed, and heard in our company. And I hope it goes beyond our company. But that's what we want. We want all voices to be heard. You know, we returned to an independent public company, April 3 of last year, at a unique time, right in the midst of a global pandemic and right on the cusp of a lot of social unrest. And so here we were, again, spinning. Our company listed on the New York Stock Exchange 100 years to the month when we had listed the first time. And while all this was happening, we knew we were in a unique precedent setting condition as a company. We knew we had the opportunity with whatever we chose to do to set the first for the new Otis and also to figure out, who do we aspire to be? And how are we going to behave? And so we launched our Commitment For Change last summer, you know, at the cusp of the social unrest, and we launched it first with our colleagues, to make our commitment to have a transparent framework that was going to identify and prioritize all the actions we were going to take to make Otis the company we aspire to be to accelerate anti racism, accelerate unconscious bias and inclusion learning. We double down on our commitment to STEM and vocational education, even beyond our employee Scholar Program, where any Otis colleague can go back and get an undergraduate degree, and we take care of that. But this was even more so to support underserved communities around the world and invest in future leaders because we were living it and we promoted mental health as well and really were able to take that look at again, how do we do this on a global basis, not just in a few countries, but how do we ensure everyone undergoing stress had this ability to have access to benefits and access to focusing on bringing them host their whole selves to work, and that meant mental health to and then we made social justice, a part of our community giving or volunteering our employee resource groups. So to us, it's a public commitment we've made. We have metrics out there, we're transparent about it, you can see it on our website, we report on it as part of our ESG activities, which are part of the fabric of who we are as a company, because we believe by doing good, we'll do well. And so you know, as a female leader, it's my responsibility. And I truly believe this my responsibility to make it better for the next generation of women, but even broader, to make it better, make the workforce better workplace better, and make the communities better where we live, so that we can continue to advance as a society,

Adam: Which is incredible. And anyone listening, Judy, you gave a great roadmap for companies big and small on steps that can be done or taken to try to make the world of business and make the world a better place. Any other practical steps that leaders can take to help advance this cause?

Judy: Well, I think leaders have to take on tough challenges. And, you know, most of us were raised as leaders, you know, where, by the time you aspired and actually achieved being the leader of a large organization, it really was about operational and business results. And I would tell you today it really is about purpose, and how you can make a difference in the lives of your customers, in our case in the lives of the 2 billion passengers a day that use our equipment, and in the lives of our 69,000 colleagues. So take on those tough challenges as a leader, even if it's uncomfortable, even if it's nothing you studied, if you go back to your values as foundational, and do what's right. And even if you don't think you're ready, take on those tough decisions. And then I talked about it in general, Adam, but it is a pay it forward. And we do have that responsibility. And you know, I have a daughter who'll be 30 shortly. And she's an engineer, too. I really do want to create an environment where- whether it's her or anyone who grew up in her situation- has an opportunity to excel and to make a difference in the world. And we've created you know, a business environment where that can happen for people.

Adam: And listeners, don't hold it against Judy or Judy's daughter, but Judy's daughter is a big Philadelphia Eagles fan, which I know might not be all too popular in certain markets. Judy, what do you believe are the key characteristics of a great leader and how can anyone become a better leader?

Judy: Well, I think we can all become better, myself included, because if you're a lifelong learner, there's always elements to work for. I'm going to start with the fundamentals, which is your values, ethics, integrity, your core values, I think, to become a better leader, you know, stay informed, do your research, if you're in a new industry or a new market, just learn as much as you can about it. If you're in a market where you've spent your career, think about how you can disrupt it, because someone else is already thinking about that. And I always believe that if you can leave that disruption within your own enterprise as a leader, again, in a mature way, in a collaborative way, then you can actually create that that next generation. I think it's important to acknowledge what you do know, and more importantly, what you don't know. And value perspectives and the expertise of whether they be subject matter experts, the team you're working with, you know, diversity in your team, diversity of thought, diversity of decision making, is absolutely critical. Don't surround yourself with people who are exactly like you, or you will get kind of groupthink. And as a leader, you know, some a lot of people are going to tell you what you want to hear. You need someone, multiple people there, who are going to be able to bring you reality, bring you the truth so that you can make better decisions, immerse yourself and really listen, active listening, and you can never communicate enough. And you know we do that through so many varieties of forums. But there's nothing I enjoy more than walking into one of our 1,400 branch offices, and just literally walking around and meeting every colleague. And you know, I can't get to all of them. And obviously, the pandemic's impacted some of that, although I am back on the road again, you know, if I can create an environment where people feel valued and included, and then I can knock down any obstacles they're facing, our company will succeed, our communities will do better, our customers will be happy and our passengers will continue to rise, which is what we do. You know, the other few things, you know, as I think about it, Adam, you know, as a leader, you need to drive change. Leaders tend not to be hired to harvest a business and to lead the way the person before them did. So plant those seeds of change and drive the pace needed to drive change and transformation. It won't be easy, I can assure you of that. But in the end, that gets you to your vision that gets you to your purpose as you execute your strategy. And then just be yourself, be visible, you know, and make a difference. It sounds easy, but people get wrapped up in their calendars, they get busy, and you need to step back and you need to reflect and you need to understand the impact. Everything you do has on other people and keep that in perspective and recognize that the reason you're selected as the leader is because of again, your fundamentals, your foundations, but who you were when you were selected, so don't change who you were. Bring your true self to work, bring your true self to leadership. And then again, plant those seeds of change and make a difference.

Adam: What can anyone listening do to better excel personally and professionally?

Judy: Again, take on those tough challenges. commit to being a lifetime learner, find some people you can trust. You know, as a leader, as I said, sometimes the information gets filtered, you need someone you can trust. Sometimes it's even a loyal irritant, because they are loyal to you, but they're going to tell you things you may or may not want to hear. And so find a few people like that, and listen to them, take their counsel. Sometimes you have to grit your teeth, because sometimes the truth is hard to hear, but that's how you make better decisions. And that's how you can drive, you know, progress, and success. I would tell you, if you want to excel, find a mentor, and become a mentor. I don't care if you're just coming out of college, you can actually reverse mentor someone on the latest social media; how you use it, what are the latest innovations you learned on campus, you know, all of those things. So find a mentor and become a mentor. And then also, same with sponsorship, find a sponsor, and become a sponsor. And the higher up you are in leadership, you have a responsibility to sponsor others so that they can succeed. And then finally, remember, you are a role model, no one puts on a development plan, I want to be a role model. It's not something that comes naturally. But at some point in your life, as a leader, you cross over there, and others are watching you and watching how you behave. And everything about you. So early on, strive to be that role model. Recognize when you've crossed that threshold, and you are that role model, and then deliver as a role model. And I think we'll all be in a better place.

Adam: Judy, thank you for all the great advice and thank you for being a part of Thirty Minute Mentors.


Adam Mendler is the CEO of The Veloz Group, where he co-founded and oversees ventures across a wide variety of industries. Adam is also the creator and host of the business and leadership podcast Thirty Minute Mentors, where he goes one on one with America's most successful people - Fortune 500 CEOs, founders of household name companies, Hall of Fame and Olympic gold medal winning athletes, political and military leaders - for intimate half-hour conversations each week. Adam has written extensively on leadership, management, entrepreneurship, marketing and sales, having authored over 70 articles published in major media outlets including Forbes, Inc. and HuffPost, and has conducted more than 500 one on one interviews with America’s top leaders through his collective media projects. A top leadership speaker, Adam draws upon his insights building and leading businesses and interviewing hundreds of America's top leaders as a top keynote speaker to businesses, universities and non-profit organizations.

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