On Holding AG has a new look atop its corporate org chart. On May 1, On co-founders David Allemann and Caspar Coppetti will assume the role of co-CEOs tasked to steer the Swiss company’s next phase of growth. The leadership shakeup follows Martin Hoffmann’s decision to step down from the chief executive post after five years. Hoffmann will remain an advisor through March 2027 while On’s third co-founder, Olivier Bernhard, continues his role spearheading key performance product initiatives and athlete engagement.
“Designed to even more closely connect founder-led strategic intent with execution, the updated model ensures On remains agile and decisive while continuing to scale,” the company said in a March 25 statement announcing the leadership changes.
Hoffmann’s important role
Hoffmann played a vital role at On, which was founded in 2010 and quickly rose into global prominence. He joined the company as its chief financial officer in 2013 and retained that role until his recent departure. Hoffmann first added the CEO title in 2021, serving four years as co-CEO alongside Marc Maurer, before becoming the company’s sole CEO last summer.
“It is difficult to put into words how impactful Martin has been. From our early days through a landmark IPO, his commitment to our culture and financial discipline has been instrumental,” Coppetti said in the company’s March 25 announcement.
Cause for concern?
Though On’s sales reached a record-breaking high of $3.8 billion in 2025 and “gross profit margins reached new heights,” according to company reports, the Swiss brand’s star in U.S. run specialty has cooled of late.
On sales fell nearly 20 percent year over year at independent run specialty in 2025, according to data from Karnan Associates, as models like the Cloudsurfer 2 and Cloudboom Max struggled to deliver on the hype. The decline dropped On from fifth to sixth in market share sales rank with brands like Altra and Nike nipping at its heels.
To be sure, abrupt leadership changes can stir concern and uncertainty. Following On’s March 25 announcement, Forbes wrote the company’s “leadership shakeup challenges confidence in its next phase of growth.”
However, Dan Schade, general manager, Americas at On, says the Swiss company is “better poised than ever to be a strong partner in serving the running community and winning together in the run specialty channel.”
Rising optimism
The current calendar year has already delivered a surge of hearty energy for On, headlined by models like the LightSpray Cloudmonster 3 Hyper and the all new Cloudsoma trail shoe. The enthusiasm coming from consumers and reviewers matches the optimism coming from On’s Zurich headquarters, where new leadership touted a “strategic roadmap to take the brand to the next level of global scale.” The brand has promised “strategic intent, innovation, product, brand and commercial execution.”
Some analysts, meanwhile, have noted On’s stated desire to become more streamlined and nimbler while focusing on more targeted distribution. Many running retailers would surely welcome those developments.
Schade says 2026 will be defined by accelerated innovation at On, including the introduction of new breakthrough foams across multiple shoe franchises, scaling of the brand’s revolutionary LightSpray technology and an expansion of its performance running apparel assortment.
Beyond products, Schade says On is thoughtfully growing its athlete roster with an eye toward the 2028 Olympics in Los Angeles. The company also aims to deepen its investment in grassroots programs.
“We're dedicated to helping runners perform at their best on the road, track and trails, and we're excited for what's on the horizon,” Schade says.
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