On has unveiled a fresh leadership shake-up after confirming that chief executive Martin Hoffmann will step down from the top job on 1 May, with co-founders David Allemann and Caspar Coppetti taking over as co-CEOs.
The development comes less than a year after Hoffmann took sole leadership of the Swiss sportswear brand. On said the restructure is designed to bring founder-led strategy closer to day-to-day execution as the business enters its next phase of global growth.
Hoffmann is leaving after 13 years as CFO and five years as CEO, during which time he helped steer the brand from start-up to listed global player.
He will step down from his executive roles on 1 May, support the transition to incoming CFO Frank Sluis, and then remain as an adviser through March 2027. On said his departure was voluntary and linked to a planned hiatus and philanthropic interests.
The company is framing the changes as a natural evolution rather than a reset. On said the updated leadership model will help it stay agile as it scales, with co-founder Olivier Bernhard remaining involved as an executive board member focused on performance product initiatives and athlete engagement.
As part of the reshuffle, Scott Maguire has been promoted to president and COO, overseeing the full value chain from R&D and manufacturing to marketing, commercial operations and technology.
The business said Maguire has played a central role in scaling innovation platforms including LightSpray and new Superfoam developments.
The leadership changes come after a record 2025 for On, with annual net sales rising 30 per cent to CHF3.01bn and gross margin improving to 62.8 per cent.
The company said it is entering this next phase from its strongest position yet, though the market reaction to the announcement was more cautious.
Reuters reported that shares fell around 10 per cent on Wednesday, with some analysts questioning the timing of the move amid softer US demand and rising competition in athletic footwear.
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