Sportswear brand On names co-founders as new CEOs after veteran Hoffmann exits

By Juveria Tabassum

March 25 (Reuters) – On Holding said on Wednesday co-founders David Allemann and Caspar Coppetti will take over as co-CEOs from May 1, as Martin Hoffmann steps down after guiding the upstart Swiss sportswear brand through a blockbuster public listing.

The change at the helm comes when the 16-year-old company is navigating a shifting tariff landscape and soft consumer sentiment in the U.S., its largest market.

Earlier this month, On forecast muted annual sales growth and its shares have slumped about 40% since hitting a record high of $64.04 in January 2025. The stock was down 10% in afternoon trading on Wednesday.

Investors were likely raising concerns on the timing of the change and the lack of an external CEO appointment at a time when the external macro environment remains challenging and the athletic footwear space is becoming more competitive, HSBC Global Investment Research analysts wrote in a note.

Allemann and Coppetti joined former athlete Olivier Bernhard to launch the On brand running shoes in 2010 in Zurich, and the brand swiftly became a challenger to established names such as Nike and Adidas.

The Roger Federer-backed company’s revenue has risen more than fourfold since its IPO in 2021.

On’s premium pricing targeting affluent customers as well as its innovative designs have largely shielded it from choppy demand for discretionary products as inflation and economic uncertainty weigh on spending in the U.S.

On also named Scott Maguire as its president on Wednesday, adding to his recent promotion as chief operating officer in charge of product research and development and technology.

“Logistics is an area that the new co-CEOs have not been deeply involved with and in that respect, the elevation of Scott Maguire makes sense,” said Telsey Advisory Group analyst Cristina Fernandez in a note.

Hoffmann became On Holding’s sole CEO in April 2025 after he led the company through its initial public offering with then co-CEO Marc Maurer.

He was also On Holding’s CFO for 13 years and will remain on board as an adviser through March 2027, and then take a planned hiatus, the company said in a statement.

“Analysts and investors have trusted his (Hoffmann’s) leadership and financial guidance, and he will be missed,” Fernandez added.

The company named Frank Sluis as CFO in January. Sluis is expected to take on the role from May 1.

(Reporting by Juveria Tabassum in Bengaluru; Editing by Mrigank Dhaniwala, Sriraj Kalluvila and Alan Barona)