Swiss sneaker maker On Holding has announced a major leadership reshuffle, appointing co-founders David Allemann and Caspar Coppetti as co-CEOs. They will replace Martin Hoffmann, who led the company for five years and will continue as an advisor until March 2027. The move comes as On faces slower-than-expected sales growth and aims to enter its next phase of global expansion.

On’s shares reacted sharply to the news, closing down 11% on the day. Earlier this month, the company forecasted a more modest growth trajectory for 2026, raising investor concerns after years of strong performance. Despite this, Allemann emphasized the company’s commitment to a “strategic premium play,” focusing on selective franchises and long-term brand positioning rather than short-term gains.

Strategic Growth and Market Position

Since its public listing on the New York Stock Exchange in 2021, On has gained market share from established competitors like Nike and Adidas. Its innovative performance footwear and apparel have helped the brand attract a wide audience, described by Allemann as the “ageless athlete.” The company has been expanding in key categories such as running and tennis, reinforcing its presence in premium sportswear.

Executive Transition and New Roles

Allemann and Coppetti will officially assume co-CEO responsibilities on May 1. Alongside this transition, On has appointed Frank Sluis as CFO and Scott Maguire as president and chief operating officer, both effective the same date. Hoffmann, who previously served 13 years as CFO before becoming CEO, led On through its IPO and the three-year strategy to double sales by 2026, solidifying its global premium positioning.

On described the leadership shift as a strategic decision aligned with its growth roadmap. “With the strategic roadmap for continued growth in place, the four partners collectively recognize that this is the right moment for Martin Hoffmann to step down,” the company said, noting that Hoffmann plans to pursue philanthropic interests.

Looking Ahead

The co-CEOs face the challenge of sustaining momentum amid slower sales growth and a competitive sportswear landscape. On aims to maintain its premium positioning while carefully selecting franchises and product innovations to drive expansion. Investors will be watching closely as the company implements its strategy and navigates global market pressures, particularly in North America and Europe, where the brand continues to expand its footprint.

Allemann summed up the vision: “We don’t want to build a brand just for the next few years. Our focus is long-term, strategic growth, and delivering innovative products to athletes around the world.”