On Shifts to a Co CEO Model With Its Own Founders at the Top After a Record CHF 3 Billion Annual Sales

On is pulling its founders back to the very center of day to day decision making, shifting to a co CEO model as it enters what it calls its next growth phase off record 2025 results. From May 1, 2026, co founders David Allemann and Caspar Coppetti will serve as co CEOs while remaining Executive co Chairmen, with fellow co founder Olivier Bernhard continuing to lead performance product and athlete work as an Executive Board member.

Founders Back in the Operational Cockpit

The new structure is designed to unify founder led strategic intent with the operational core, keeping the company fast and founder driven as it scales beyond CHF 3 billion in annual net sales. Allemann framed the timing clearly, saying that, “The best time to elevate your game is when you are already breaking your own records,” David Allemann continued, “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.”

Both Allemann and Coppetti move formally into co CEO roles after years of acting as Executive Co Chairmen alongside CEO and CFO Martin Hoffmann, who helped shape the brand’s financial and strategic framework through its IPO and global build out. The updated leadership layout is meant to sustain On’s entrepreneurial speed while managing greater complexity across categories, channels, and regions.

Martin Hoffmann’s Planned Exit

After 13 years at On, including five as CEO, Martin Hoffmann will step down from his executive roles effective May 1, 2026. “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.” His Class B voting shares will begin a sunset process, with a proposed conversion of 16,250,000 Class B shares into 1,625,000 Class A ordinary shares at the May 28, 2026, AGM.

Scott Maguire Steps Up

As part of the reshuffle, Scott Maguire is promoted to President & COO, responsible for the full value chain from R&D and manufacturing to marketing, global commercial operations, and technology. Maguire has been central to scaling On’s innovation engine, including LightSpray technology and Superfoam developments for the Cloudsurfer 3, and brings more than 20 years of leadership experience at premium brands.

Olivier Bernhard said, “Scott is a rare find; he truly gets what makes On special,” Bernhard also added, “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.”

Why this Matters for On’s Next Phase

The leadership changes come off a record 2025 in which On’s annual net sales passed CHF 3 billion, and gross margin reached new highs, leaving the brand in what it calls its strongest ever position heading into the next phase. The new structure is explicitly about protecting speed, innovation, and founder DNA at a moment when category breadth, global retail growth, and technology bets like LightSpray require more integrated, high level oversight.

Rather than handing more power to external executives as it scales, On is doubling down on founder presence at the top while elevating an operations chief with deep product credibility. The question from here is how well the co CEO and President & COO trio can keep that entrepreneurial feel while managing the realities of a complex, listed global sportswear business.