Key Takeaways
- On Holding (ONON) shares plummeted approximately 11% following the announcement that CEO Martin Hoffmann will resign effective May 1, 2026.
- Company co-founders David Allemann and Caspar Coppetti will assume co-CEO positions while maintaining their roles as executive co-chairmen.
- Frank Sluis has been appointed as the new CFO, and Scott Maguire elevated to President & COO.
- Hoffmann will continue in an advisory capacity until March 2027.
- Jefferies maintained its Sell rating with a $30 target; Williams Trading lowered its forecast from $44 to $41, both expressing leadership transition concerns.
Shares of On Holding (ONON) experienced a significant decline on Wednesday following the Swiss athletic footwear company’s revelation that CEO Martin Hoffmann intends to depart the organization on May 1, 2026. The stock tumbled approximately 11%, bringing it near its 52-week low territory.
Hoffmann’s tenure at On Holding spans 13 years, during which he held dual responsibilities as both CEO and CFO. In his announcement, he expressed his intention to take a sabbatical and dedicate time to charitable endeavors. During a subsequent analyst conference call, Hoffmann explained that he chose to reveal his departure plans before internal strategic sessions centered on the company’s 2030 growth roadmap.
The outgoing CEO will maintain an advisory role with the organization through March 2027 to facilitate a smooth leadership transition.
Co-Founders Return to Leadership Helm
The co-CEO positions will be filled by David Allemann and Caspar Coppetti — both original co-founders of On Holding. The duo will simultaneously retain their executive co-chairman positions.
The company’s third co-founder, Olivier Bernhard, will not assume a formal leadership position but continues his focus on product innovation and athlete relations as an executive board member.
During the analyst call, Coppetti emphasized that the founding team has maintained active involvement in company operations throughout its expansion trajectory.
Additionally, the organization announced Frank Sluis as incoming CFO, assuming the financial oversight responsibilities previously managed by Hoffmann. Scott Maguire, formerly Chief Innovation Officer and COO, has been elevated to President & COO, where he’ll direct R&D, production, marketing, and worldwide operations.
Company leadership characterized these organizational changes as integral to On Holding’s “next chapter of worldwide growth.” The firm exceeded CHF 3 billion in yearly net sales during 2025.
Wall Street Responds With Mixed Sentiment
Analyst reactions emerged cautious in the immediate wake of the announcement.
Jefferies analyst Randal Konik retained his Sell rating alongside a $30 price objective. He interprets the leadership transition as a response to increasing operational complexity and intensifying competitive pressures, particularly from Nike. Konik continues to assert that On Holding’s addressable market is more limited than market participants anticipate, with potential growth deceleration and margin compression ahead.
Williams Trading reduced its price forecast from $44 to $41 while maintaining a Hold rating. The firm raised questions about On Holding’s organizational capacity to navigate the complexities of wholesale distribution channels. However, they recognized the company’s robust fundamentals — featuring 63% gross profit margins and 30% revenue expansion over the trailing twelve months.
Some analysts remain optimistic. BTIG maintained its Buy rating with a $70 price objective. Telsey Advisory Group decreased its target from $65 to $60 while preserving an Outperform rating.
The overall Wall Street perspective leans positive. With 16 Buy ratings, one Hold, and one Sell recorded over the past three months, ONON holds a Strong Buy consensus rating alongside an average price target of $57.53 — suggesting more than 62% potential upside from present levels. The stock currently hovers near its 52-week low of $34.38.
