ZURICH, Switzerland, March 25 — On Holding AG (NYSE: ONON) (“On”), the premium global sportswear brand, today announced an update to its organizational structure as the company prepares to enter its next growth phase. Designed to even more closely connect founder-led strategic intent with execution, the updated model ensures On remains agile and decisive while continuing to scale. To drive the next phase of global expansion, co-founders David Allemann and Caspar Coppetti will serve as Co-CEOs. Scott Maguire is promoted to President & COO. Following a successful 13-year tenure at On, Martin Hoffmann has chosen to step down as CEO.
On was founded on the principle of relentless innovation. Following a record-breaking 2025 – where annual net sales surpassed CHF 3 billion and gross profit margins reached new heights – the company is leaning forward from its strongest-ever position.
Looking ahead, the co-founders, Olivier Bernhard, David Allemann and Caspar Coppetti, have jointly with CEO and CFO Martin Hoffmann and the Board of Directors developed a strategic roadmap to take the brand to its next level of global scale. To stay ahead of the complexity that accompanies such growth – ensuring agile decision making and protecting the entrepreneurial speed that has defined On since inception – the company will implement a leadership structure that sustains close connectedness across the organization, unifying strategic intent, innovation, product, brand, and commercial execution.
Unifying Founders’ Strategic Intent With Operational Core
Effective May 1, 2026, David Allemann and Caspar Coppetti will assume the roles of Co-CEOs, while continuing as Executive Co-Chairmen of the Board. This facilitates their operational roles and brings the founders’ long-term stewardship into direct alignment with execution responsibility. Co-founder Olivier Bernhard will continue spearheading key performance product initiatives and athlete engagement as an Executive Member of the Board.
“The best time to elevate your game is when you are already breaking your own records,” said David Allemann. “By unifying founder-led strategic intent with our operational core, we aim to move faster, stay relentlessly focused on product heat, and continue pushing the boundaries of what a sportswear brand can be.”
Martin Hoffmann to Step Down
With the strategic roadmap for continued growth in place, the four partners collectively recognize that this is the right moment for Martin Hoffmann to step down. Following a transformative 13-year tenure as CFO and five years as CEO, during which On evolved from a Swiss startup into a multi-billion dollar global leader, Martin has decided to take a planned hiatus and pursue philanthropic interests. In seamless partnership with the co-founders, Martin engineered the financial framework and strategic discipline and served as the essential link between On’s founder-led vision and the operational scale that transformed the company to the force it is today. He will step down from his roles effective May 1, 2026, will then ensure a smooth onboarding and transition to Frank Sluis, who joins as new CFO on May 1, 2026. Martin will then remain an advisor through March 2027.
“It is difficult to put into words how impactful Martin has been,” said Caspar Coppetti. “From our early days through a landmark IPO, his commitment to our culture and financial discipline has been instrumental. It has been a privilege to work alongside him and we are deeply grateful for his partnership, his outstanding contribution and the legacy he has built.”
“It has been an absolute privilege to shape On and this amazing team alongside the Founders for over a decade,” said Martin Hoffmann. “The timing to move on feels right. Over the past 12 months we have been highly engaged in defining the next growth horizon and leadership structure for On. This next chapter will be driven by the talented and experienced leaders who I’ve worked closely with over many years. I’m deeply confident they’ll continue to do incredible work in this new, unified structure, and I will continue to be a massive supporter and a shareholder of the brand going forward.”
Scott Maguire Promoted to President & COO
As part of these changes to the leadership structure, On is promoting Scott Maguire to President & COO, a role in which he will oversee the full value chain – from R&D and manufacturing to marketing, global commercial operations, and technology. Scott, who brings a deep expertise in engineering and design, alongside over 20 years of global leadership experience at premium brands, has been the architect of On’s innovation and operational backbone. Since joining the company, he led the scale-up of the revolutionary LightSpray™ technology and the accelerated development of market-first Superfoam innovations for the Cloudsurfer 3.
“Scott is a rare find, he truly gets what makes On special,” said Olivier Bernhard. “As someone who has spent my life obsessing over product performance, I love how naturally he connects engineering and design with execution. He is the perfect product-led operator to supercharge our engine as we scale globally.”
“I am honored to work even more closely with our co-founders to execute On’s strategy as one connected flywheel,” said Scott Maguire. “By aligning the organization tightly around the product and consumer journey, we are creating the space to keep pushing boundaries and build a seamless global brand experience for our growing community of fans. And, of course, to keep Dreaming On.”
Following his departure from an active role at On, Martin Hoffmann’s Class B voting shares will initiate a sunset process and he will cease to be a party to the shareholders’ agreement between the Company and the Partners following the Company’s 2026 Annual General Shareholders’ Meeting (AGM), scheduled for 28 May 2026. 100% of his Class B Shares (16,250,000) will be proposed for conversion into 1,625,000 Class A Ordinary Shares at the next AGM on 28 May 2026.
