On Holding AG (NYSE: ONON) announced organizational changes as co-founders David Allemann and Caspar Coppetti will serve as Co-CEOs effective May 1, 2026, according to a press release statement.

Martin Hoffmann will step down as CEO after 13 years with the Swiss sportswear company, including five years in the chief executive role. Hoffmann will remain as an advisor through March 2027. The company reported annual net sales surpassed CHF 3 billion in 2025.

Scott Maguire has been promoted to President and Chief Operating Officer, overseeing operations from research and development to global commercial activities. Maguire previously led the development of the company's LightSpray technology and Superfoam innovations.

Frank Sluis will join as Chief Financial Officer on May 1, 2026, replacing Hoffmann in that capacity as well. The leadership transition is designed to align founder strategy with operational execution as the company scales globally.

"The best time to elevate your game is when you are already breaking your own records," Allemann said in the release. Co-founder Olivier Bernhard will continue as an Executive Member of the Board, focusing on product development and athlete engagement.

Following Hoffmann's departure, his 16.25 million Class B voting shares will be proposed for conversion into 1.625 million Class A ordinary shares at the company's annual shareholders meeting scheduled for May 28, 2026. He will cease participation in the shareholders' agreement after the meeting.

On operates in more than 90 countries and produces premium footwear, apparel and accessories for running, training and other athletic activities.