On is restructuring around a single connected operating model – unifying strategy, product, brand and commercial execution under founder leadership as the brand accelerates its international scale-up.
On Holding has announced a leadership restructure that returns the Swiss sportswear brand to direct founder control, effective May 1, 2026. Co-founders David Allemann and Caspar Coppetti will assume the roles of co-chief executive officers while CEO Martin Hoffmann steps down after 13 years at the company.
Hoffmann exits after steering On through its IPO and beyond
Hoffmann served as chief financial officer before becoming co-CEO alongside Marc Maurer at the time of On’s NYSE listing in 2021. He took sole charge in April 2025 following Maurer’s departure. His tenure closes on a record year by most operational measures: net sales reached CHF3.01 billion (€3.15bn) in 2025, up 30 percent year on year, with the gross margin climbing to 62.8 percent and operating profit rising 78.2 percent.
The bottom line, however, tells a more complicated story.
Net income fell 15.9 percent to CHF203.7 million (€213m), compressing the net margin from 10.4 to 6.8 percent. The primary driver was a currency headwind of CHF173.2 million (€181m) – a structural consequence of reporting in Swiss francs while generating the majority of revenue in other currencies. Operationally, the business is expanding. At the reported level, profitability is under pressure.
That tension frames the conditions under which Hoffmann is departing. On revised its 2026 growth outlook downward earlier in March, sending its US-listed shares lower; the stock has declined roughly 40 percent from its all-time high of $64.04 set in January 2025 and is down approximately 14 percent in 2026 to date. Like other footwear and apparel companies, On is managing exposure to shifting US tariff policy. The company has filed for tariff refunds and has said it will reinvest any proceeds rather than pass costs on to consumers.
Hoffmann will remain as an adviser through March 2027. His 16.25 million Class B voting shares are proposed for conversion into 1.625 million Class A ordinary shares at the annual general shareholders’ meeting (AGM) on May 28, 2026, after which he will cease to be party to the shareholders’ agreement.
Co-founders step from boardroom to day-to-day leadership
Allemann and Coppetti will retain their positions as executive co-chairmen of the board while assuming direct executive responsibility. On described the structure as closing the gap between founder-led strategic intent and operational execution – designed to support faster decision-making as the brand scales internationally.
Co-founder Olivier Bernhard, who launched On alongside Allemann and Coppetti in Zurich in 2010, remains as an executive board member with responsibility for performance product development and athlete engagement.
Maguire promoted to oversee the full value chain
Scott Maguire, previously Chief Innovation and Operations Officer, has been elevated to president and Chief Operating Officer. In the expanded role he will oversee the full value chain – from research and development and manufacturing through to marketing and global commercial operations.
Since joining On, Maguire has led the scale-up of LightSpray technology and the development of Superfoam innovations for the Cloudsurfer 3. Bernhard described him as a product-led operator who bridges engineering and design with commercial execution. Incoming chief financial officer Frank Sluis, whose appointment was announced in January, joins on May 1.
