Otis Worldwide's top executive, Judy Marks, plans to retire from the elevator and escalator company next year.

Otis on Tuesday said Marks will retire as board chair, president and chief executive of the Farmington, Conn., company by the end of July 2027, or sooner if a successor is in place.

Otis said its board has launched a search for a new CEO with the help of executive search firm Spencer Stuart, adding that it will consider internal and external candidates.

Marks joined Otis as president in 2017 and has been CEO since 2019. She joined the Otis board in conjunction with the company's April 2020 spinoff from United Technologies and was named board chair in early 2022.

Otis said Marks will stay on as a senior adviser through the end of July if her successor is appointed before that date.