On Holding has appointed co-founders David Allemann and Caspar Coppetti as co-CEOs, succeeding Martin Hoffmann, who has led the company for five years. This leadership transition comes as On prepares to enter a pivotal growth phase, aiming to expand its global footprint amidst a backdrop of slowing sales growth. The company’s shares fell 4% in premarket trading following a recent forecast that indicated a sharper-than-expected slowdown in sales.
The leadership change is significant for On, which has been gaining market share from established players like Nike and Adidas by focusing on innovative performance footwear and apparel. Allemann emphasized a strategic approach to brand building, aiming for long-term premium positioning rather than short-term gains. The new leadership team will take the reins on May 1, coinciding with the appointment of Frank Sluis as CFO and Scott Maguire as president and COO.
Investors should monitor how this leadership shift impacts On’s strategic initiatives and sales trajectory, particularly as the company aims to double its sales by 2026.
Source: cnbc.com