March 25 (Reuters) – Swiss sportswear brand On Holding said on Wednesday its co-founders David Allemann and Caspar Coppetti will take over as co-CEOs from May 1, replacing Martin Hoffmann.
Hoffmann became On Holding’s sole CEO in April 2025 after he led the company through its initial public offering filed in 2021 with then co-CEO Marc Maurer.
Hoffmann, who was also On Holding’s CFO for 13 years, will remain on board as an adviser through March 2027, the company said in a statement.
On Holding named Frank Sluis as CFO in January. Sluis is expected to take on the role from May 1.
Earlier this month, On Holding forecast muted annual sales growth, causing its shares to tumble.
The company, like other footwear and apparel makers, is tackling a shifting tariff landscape.
Hoffmann said in March that it could see a possible boost from the lower tariff rates after the U.S. Supreme Court struck down the government’s emergency levies. On Holding has filed for tariff refunds, and said it would reinvest proceeds in the business rather than pass it on to consumers.
The firm’s U.S.-listed shares fell about 15% in 2025, and are down about 14% so far this year.
(Reporting by Juveria Tabassum in Bengaluru; Editing by Mrigank Dhaniwala)
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