On Running, the Swiss sports equipment brand, changes its CEO: Martin Hoffmann, in the position since 2021 and one of the key executives in the company's growth, will leave his position on May 1. Its founders, David Allemann and Caspar Coppetti, will serve as co-CEO in a new structure designed for the next phase of global expansion.
The change closes Hoffmann's thirteen years in the company: first as chief financial officer and then as chief executive officer. In that period, On reached more than 90 countries and exceeded 3 billion Swiss francs in annual sales.
The departure, in any case, will be gradual. Hoffmann will remain as an advisor until March 2027 and will assist in the handover with the new CFO, Frank Sluis, who also joins on May 1. The company points out that it made the decision after defining the new strategic plan, and that it responds to a natural stage in the evolution of the business.
In parallel, the company has promoted Scott Maguire as president and chief operating officer. Maguire will oversee the entire chain, from research and development to manufacturing, marketing and global business operations.
Founders return to frontline
The most visible change in the new structure is the return of its founders to operational leadership. David Allemann and Caspar Coppetti, until now executive co-chairs of the board, will also serve as co-chief executive officers.
The company explains that the goal is to reinforce the connection between the founders' strategy and the daily execution of the business. The founders seek to preserve the speed of decision that has characterized On since its inception and manage the operational complexity involved in operating in more than 90 countries.
The third founder, Olivier Bernhard, will continue to focus on product development and the relationship with athletes as an executive board member. A professional triathlete before founding On, Bernhard drove the brand's technological development from the Swiss Alps in 2010.
The reorganization comes after a solid year. In 2025, On surpassed CHF 3 billion in revenue for the first time and posted record profit margins. The company attributes it to the international expansion and popularity of its running shoes, with the CloudTec cushioning system as a hallmark.
Doubts in the market after a second recent relief
Despite the company's message of continuity, the announcement provoked immediate reactions in the financial markets. On Holding shares fell more than 11% on Hoffmann's departure, in part because it's the second major change in direction in less than a year.
Some analysts believe that turnover at the top of the board can generate uncertainty in a company in full growth phase. Former co-CEO Marc Maurer left in 2024, leaving Hoffmann as sole CEO for the past year.
Analysts also note that competition has tightened. On's growth has coincided with strong momentum in the running category, but Nike's recovery and pressure on the wholesale channel may slow its expansion.
Other experts see the reorganization as a natural consequence of the size achieved. Scott Maguire's rise to president and chief operating officer has pleased several analysts: the executive has led key areas of innovation and technological development within the company.
Among them, the expansion of technologies such as LightSpray, an automated shoe manufacturing system, or the development of new high-performance foams in recent running models.
On was born in Zurich in 2010 and grew to become one of the fastest growing brands in the sports equipment sector. Running was its basis; tennis, outdoor and technical clothing completed the catalogue.
The transition comes at a time of financial strength, but the founders will need to demonstrate that On can maintain its pace of growth in a more competitive market. Allemann and Coppetti now face the test of running the business, after years of delegating that responsibility to a professional CEO.