On Holding Founders Acquire $6.6 Million of Class A Shares

May 18, 2026

On Holding is bringing its co-founders back into the top job: David Allemann and Caspar Coppetti will become co-CEOs on May 1, replacing Martin Hoffmann, who is stepping down after five years as CEO and will stay on as an adviser through March 2027.

The move comes as On prepares for its next growth phase after annual net sales topped CHF 3 billion in 2025, but it also arrives during a tougher backdrop of softer U.S. consumer demand, tariffs, and more competition in athletic footwear. Investors reacted negatively, with the stock falling about 10% after the announcement.

On is also reshuffling leadership below the CEO level. Frank Sluis is set to become CFO on May 1, and Scott Maguire has been promoted to President and COO to oversee product, manufacturing, marketing, and global commercial operations. The company said the changes are meant to keep the business founder-led while scaling globally. wwd