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 15-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 last year.
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 four-fold since its IPO in 2021.
On’s premium pricing targeting affluent customers, as well as its innovative designs has 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.
“Designed to even more closely connect founder-led strategic intent with execution, the updated model ensures On remains agile and decisive while continuing to scale,” the company said in a statement.
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 take a planned hiatus, the company said in a statement.
It named Frank Sluis as CFO in January. Sluis is expected to take on the role from May 1.
Hoffmann said in March that the company could see a possible boost from the lower tariff rates imposed after the U.S. Supreme Court struck down the emergency levies. On Holding, which has filed for tariff refunds, will reinvest proceeds in the business rather than pass it on to consumers.
The firm’s U.S.-listed shares fell about 15% in 2025, and are down about 14% so far this year.
(Reporting by Juveria Tabassum in Bengaluru; Editing by Mrigank Dhaniwala and Sriraj Kalluvila)
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