Log In Get Started
Stock Markets March 25, 2026

On Holding CEO Martin Hoffmann to Step Down; Co-Founders Return as Co-CEOs

Shares slide 5% as company restructures leadership while preparing for the next growth stage after CHF 3 billion in annual sales

By Leila Farooq ONON
On Holding CEO Martin Hoffmann to Step Down; Co-Founders Return as Co-CEOs
ONON

On Holding AG said Chief Executive Officer Martin Hoffmann will step down effective May 1 after 13 years with the Swiss sportswear company. Co-founders David Allemann and Caspar Coppetti will become Co-CEOs while remaining Executive Co-Chairmen. The shift accompanies other executive moves, including a new CFO and a promotion to President & COO, as the company plans to scale following more than CHF 3 billion in net sales in 2025. On Holding shares fell about 5% on the announcement.

Key Points

  • On Holding CEO Martin Hoffmann will step down effective May 1 after 13 years with the company; he will remain as an advisor through March 2027.
  • Co-founders David Allemann and Caspar Coppetti will become Co-CEOs while continuing as Executive Co-Chairmen; Frank Sluis will join as CFO on May 1 and Scott Maguire is promoted to President & COO.
  • The leadership reorganization is timed as On prepares to scale globally after recording annual net sales exceeding CHF 3 billion in 2025, and Hoffmann’s 16,250,000 Class B voting shares are proposed to be converted to 1,625,000 Class A Ordinary Shares at the May 28 AGM.

Shares of On Holding AG (NYSE:ONON) fell roughly 5% Wednesday after the company announced that Chief Executive Officer Martin Hoffmann will step down following a 13-year association with the Swiss sportswear maker.

Effective May 1, On said co-founders David Allemann and Caspar Coppetti will take on the roles of Co-CEOs. The pair will also continue to serve as Executive Co-Chairmen of the company's Board. The company framed the leadership transition as part of its preparation for the next phase of growth, noting that annual net sales surpassed CHF 3 billion in 2025.

Hoffmann, who previously served as chief financial officer before becoming CEO five years ago, will leave the CEO role on May 1 and is expected to remain with the company as an advisor through March 2027. The company also announced that Frank Sluis will join On as chief financial officer on May 1.

In addition to the CEO and CFO changes, On promoted Scott Maguire to President & Chief Operating Officer. In his new role, Maguire will oversee the company’s full value chain - from research and development and manufacturing through marketing and global commercial operations. The release notes that Maguire previously led the scale-up of On’s LightSpray technology and the development of Superfoam innovations for the Cloudsurfer 3.

On said the reorganization is meant to more tightly align founder-led strategic intent with execution as the business expands across global markets. The company also confirmed that co-founder Olivier Bernhard will remain involved, focusing on performance product initiatives and athlete engagement in his capacity as an Executive Member of the Board.

Following Hoffmann’s departure from the CEO role, the company plans to propose the conversion of his 16,250,000 Class B voting shares into 1,625,000 Class A Ordinary Shares at the Annual General Shareholders' Meeting scheduled for May 28.

The company’s announcements outline a sequence of leadership and ownership-structure actions timed around the May 1 operational changes and the May 28 shareholder meeting, with Hoffmann available to advise through March 2027.

Market context

The personnel shifts and proposed share-class conversion come as On reports having exceeded CHF 3 billion in annual net sales in 2025. The board has emphasized that the adjustments are intended to strengthen the link between founder strategy and day-to-day execution while the company scales internationally.

Investors evaluating the news should note the simultaneous timing of multiple senior leadership changes and a pending shareholder vote on the proposed share conversion.

Risks

  • The outcome of the proposed conversion of Hoffmann’s Class B voting shares to Class A Ordinary Shares depends on shareholder approval at the Annual General Shareholders' Meeting on May 28 - this affects corporate governance and voting structure.
  • Multiple simultaneous senior leadership changes - including the CEO and CFO transitions and a new President & COO role - introduce execution risk as the company attempts to align founder strategic intent with global scaling efforts, which could affect operational continuity across R&D, manufacturing, marketing and commercial operations.
  • Investor reaction to the management changes is uncertain, as reflected in the approximately 5% decline in the company’s shares on the announcement; this market sensitivity could impact equity valuations in the near term.

More from Stock Markets

Adani Group Holds Early Talks with Meta and Google on Data Center Partnerships Mar 25, 2026 Bernstein Lowers Nifty Year-End Target, Warns of Potential 'GFC Moment' if Middle East Conflict Persists Mar 25, 2026 Nanobiotix Shares Jump After Report That J&J Is Evaluating Takeover Mar 25, 2026 Cipher Digital Secures 15-Year Hyperscale Lease, Raises $200M Revolver Mar 25, 2026 Codere Weighs Sale That Could Top 2 Billion Euros, Advisers Appointed Mar 25, 2026