Federer-Backed On to Be Led by Founders as CEO Steps Down

(Bloomberg) — On Holding AG co-founders Caspar Coppetti and David Allemann will take over as co-chief executive officers in May as the Swiss sports brand looks to maintain its fast growth.

Current CEO Martin Hoffmann will step down from his role, while Chief Operating Officer Scott Maguire will also assume the title of president, according to a statement Wednesday. The decision is designed to preserve On’s “entrepreneurial speed” and was made mutually, the company said.

Founded in 2010, the Zurich-based brand has grown rapidly across Europe, the US and Asia thanks to its sleek and comfortable running shoes and expansion into areas including tennis, outdoors and apparel.

While the Roger Federer-backed company is ahead of its three-year earnings targets that it set in 2023, the company’s forecast for sales this year disappointed investors earlier this month.

The stock was already down about 15% this year through Tuesday’s close, and fell another 6.1% in premarket trading in New York on Wednesday.

Coppetti and Allemann founded On with former professional athlete Olivier Bernhard in 2010. The trio of Swiss entrepreneurs brought in Hoffmann a few years later to bring financial discipline to the fast-growing startup. Hoffmann took over as CEO in 2021 alongside Marc Maurer, who stepped down last year.

Considering On has been performing well, there’s been a surprising amount of churn in the top leadership ranks, Tom Nikic, an analyst at Needham & Co., said in a note. Hoffmann’s departure may disappoint investors who have come to see him as the face of the company, Nikic added.

After resigning his roles effective May 1, Hoffmann will help bring on Frank Sluis as On’s new chief financial officer and remain an adviser through next March. At the company’s annual general meeting in May, a proposal will be for his class B voting shares to convert into ordinary shares.

Maguire joined On as chief innovation officer and then was promoted to COO. He previously worked at Specialized Bicycle Components and Dyson. He has helped oversee the buildout of On’s robotic Lightspray shoemaking technology, including the new 32-robot site in South Korea.

–With assistance from Subrat Patnaik.

(Updates with shares in fifth paragraph, analyst comment in seventh.)

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