On Holding AG has updated its organizational structure at the top, with CEO Martin Hoffmann stepping down and being replaced by the company’s co-founders, David Allemann and Caspar Coppetti. The company said the “updated model” ensures On remains agile and decisive while continuing to scale. On Holding also said the move is designed to “more closely connect founder-led strategic intent with execution and to drive the next phase of global expansion.”
Additionally, Scott Maguire has been promoted to president & COO, and Frank Sluis has been appointed CFO of the company.
“On was founded on the principle of relentless innovation,” the company said in a media statement. “Following a record-breaking 2025, where annual net sales surpassed CHF3 billion and gross profit margins reached new heights, the company is leaning forward from its strongest-ever position.”
The company said the co-founders, Olivier Bernhard, Allemann, and Coppetti, have, together with CEO and CFO Martin Hoffmann and the Board of Directors, developed a strategic roadmap to take the brand to the 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,” the company statement continued.
Effective May 1, 2026, Allemann and Coppetti will assume the roles of co-CEOs, while continuing as executive co-chairmen of the Board. The company said this facilitates its operational roles and aligns the founders’ long-term stewardship 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 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.”
The CFO Transition
Following his 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, Hoffman is taking a “planned hiatus” to pursue philanthropic interests.
“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 with whom I’ve worked closely 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.”
Hoffman will step down from his roles effective May 1, 2026, and will onboard and transition the CFO role to Frank Sluis, shown right, who will join the company as the new CFO on that date. Hoffman will remain an advisor through March 2027.
The company statement said Hoffman “engineered the company’s 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.”
“It is difficult to put into words how impactful Martin has been,” said 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.”
Following his departure from an active role at the company, 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 May 28, 2026. On said 100 percent of Hoffman’s 16,250,000 Class B Shares will be proposed for conversion into 1,625,000 Class A Ordinary Shares at the next AGM.
Scott Maguire Promotion
On is promoting current Chief Innovation Officer and COO Scott Maguire, shown bottom right, to a new role as president and COO. In his new role, Maguire will reportedly oversee the full value chain from R&D and manufacturing to marketing, global commercial operations, 
and technology.
“I am honored to work even more closely with our co-founders to execute On’s strategy as one connected flywheel,” said 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.”
The company said, “Maguire brings a deep expertise in engineering and design, along with over 20 years of global leadership experience at premium brands,” and is “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,” the company noted in its media statement.
“Scott is a rare find, he truly gets what makes On special,” said 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.”
Editor: There is no indication that there is any truth to the rumor that the guys are changing the brand name from “On” to “In & Out” or offer CEO scorecards going forward. One reader said it was good that Frank Sluis had a white t-shirt ready. We hope Scott doesn’t feel left out in black.
Image courtesy On Holding AG
See below for additional SGB Media coverage of this developing story:
EXEC: Wall Street Analysts React as On Holding’s Shares Fall on Surprise CEO Departure
EXEC: On Holding AG Names New CFO as Hoffman Moves to CEO Full Time
EXEC: On Holdings to Transition Leadership as Co-CEO Marc Mauer Plans Exit
