Swiss sneaker maker On Holding shakes up leadership amid slowing growth
On Holding has appointed co-founders David Allemann and Caspar Coppetti as joint CEOs, replacing Martin Hoffmann after five years as CEO, as the Swiss sneaker maker plans to expand globally.
The leadership change comes as On prepares to enter its “next phase of growth,” the company said in a statement Wednesday.
Ten shares lost 4% in premarket trading.
In stocks year-to-date.
Earlier this month, the company predicted that sales growth would be slower than expected this year and that shares would fall sharply.
“We don’t just want to build a brand for years to come,” Allemann told CNBC at the time, emphasizing the company’s “strategic premium play,” including being selective about which franchises they push.
On, which went public on the New York Stock Exchange in 2021, is taking market share from legacy rivals such as Nike and others. adidas with innovative products in performance footwear and apparel.
Allemann said the company was able to acquire “an ageless athlete” and gained additional market share in several categories, including tennis and running.
Allemann and Coppetti will assume their co-CEO roles on May 1, On said. Hoffmann, who previously served as chief financial officer for 13 years, will remain a consultant until March 2027, On said.
In January, the company appointed Frank Sluis as CFO, effective May 1. Scott Maguire will assume the role of president and chief operating officer.
Hoffman led the company’s initial public offering in 2021 and its three-year strategy to become the “most premium global activewear brand” by doubling sales by 2026.
“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,” On said in a statement on Wednesday, adding that Hoffmann would continue his philanthropic interests.
— CNBC’s Gabrielle Fonrouge contributed to this report
