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On Holding, the well-known Swiss athletic footwear and apparel company, has announced a major shift in its executive leadership. Martin Hoffmann, the current Chief Executive Officer, will be stepping down from his role on May 1st. This news has prompted a notable market reaction, with the company's shares experiencing an 11% decrease, marking their lowest valuation since the previous November. This change comes after Hoffmann's successful 13-year tenure, including his time as Chief Financial Officer.

To navigate and propel its future global growth initiatives, On Holding will see its co-founders, David Allemann and Caspar Coppetti, assume the positions of co-CEOs. Hoffmann, who previously became the sole CEO in July 2025 after Marc Maurer's departure, will transition to an advisory role until March 2027. Additionally, Frank Sluis is set to take over as the new Chief Financial Officer, indicating a comprehensive restructuring of the company's top management.

Despite the immediate negative market response, this leadership evolution at On Holding could signify a strategic move towards revitalized growth and innovation. The company, which achieved net sales exceeding 3 billion Swiss francs in 2025, is now positioned for a new chapter under the guidance of its founders. This transition, while met with initial investor caution, reflects a forward-looking approach to leverage experienced leadership for sustained global expansion and future success.