The Farmington-based company has initiated a formal search for a successor, enlisting the executive search firm Spencer Stuart to vet both internal and external candidates. Marks, who has served as CEO since 2019, will remain in her current positions until a replacement is appointed or the July 2027 deadline arrives. Should a new leader be named earlier, Marks is slated to transition into a senior adviser role through the end of that month to ensure a seamless handover.

Her departure signals a significant shift for Otis, which she helped guide through its 2020 spinoff from United Technologies. Since assuming the board chair position in early 2022, Marks has overseen the company's standalone strategy in the global infrastructure market.