Register to get free articles
Want unlimited access? View Plans
Already have an account? Sign in
On has appointed co-founders David Allemann and Caspar Coppetti as co-CEOs as part of a wider management restructure, effective 1 May 2026.
The sportswear company said the move follows the decision by current CEO and CFO Martin Hoffmann to step down after 13 years with the business, having decided to take a planned hiatus and pursue philanthropic interests. Hoffmann, who previously served as chief financial officer, will remain as an advisor until March 2027.
His departure follows a five-year tenure as chief executive, during which he oversaw the company’s initial public offering and its expansion into a multi-billion pound global entity.
Allemann and Coppetti will continue in their roles as executive co-chairmen of the board, while co-founder Olivier Bernhard remains an executive member of the board.
Under the new structure, Scott Maguire has also been promoted to the role of president and chief operating officer (COO). In his new role, Maguire will oversee the group’s research and development, manufacturing, and global commercial operations. Meanwhile, Frank Sluis is set to join the company as CFO on 1 May.
The changes follow a financial year in 2025 where annual net sales exceeded CHF 3bn (£2.8bn). The company said the transition aims to unify the brand’s strategic intent with its operational core.
Allemann said: “The best time to elevate your game is when you are already breaking your own records. 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.”
Coppetti added: “It is difficult to put into words how impactful Martin has been. 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.”
Hoffmann said: “It has been an absolute privilege to shape On and this amazing team alongside the founders for over a decade. 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.”
Maguire concluded: “I am honored to work even more closely with our co-founders to execute On’s strategy as one connected flywheel. 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.”
