Overview
- On Holding, which announced the CEO transition Wednesday, said founders David Allemann and Caspar Coppetti will take over as co-CEOs on May 1.
- Investors sold the stock following Wednesday's announcement, pushing shares down about 11% to their lowest since last November.
- Executives said the reshuffle does not change 2026 goals, which include at least 23% constant-currency sales growth to about 3.44 billion Swiss francs and a gross margin of at least 63% with adjusted EBITDA at 18.5% to 19%.
- Analysts flagged rising business strain, citing a slowdown in the U.S., weaker direct-to-consumer and wholesale trends, higher paid search costs, and tougher competition from Nike, while one Baird analyst called Scott Maguire’s larger role a positive.
- Scott Maguire was promoted to president and chief operating officer, incoming CFO Frank Sluis starts May 1, and Hoffmann will advise through March 2027 in a transition that follows net sales topping 3 billion Swiss francs in 2025 and a recent warning of slower growth.