Significant Leadership Changes at On as Stock and Influence Shift

The Swiss sports shoe manufacturer On is undergoing a major transformation as it announces the departure of Co-CEO Marc Maurer after twelve years with the company. Maurer has expressed his intent to embark on a new chapter in his career, marking a pivotal moment for the brand.

In a surprising turn of events, the company disclosed that Maurer will leave his position by the end of June 2025. His exit comes just months after he publicly reaffirmed his commitment to On, emphasizing the importance of company culture and teamwork during a recent interview.

With Maurer stepping down, Martin Hoffmann, who has been sharing the CEO role since 2021, will assume the position of sole CEO. This change signifies the end of an experimental dual leadership structure that lasted less than four years. The company is now in search of a successor for the chief financial officer role previously held by Hoffmann.

While On's founding trio--David Allemann, Olivier Bernhard, and Caspar Coppetti--will remain integral to the management team, Maurer's departure signals a shift in the company's trajectory. On, which has grown into a substantial corporation with over 3,000 employees in just fifteen years, is now seeking to broaden its operational scope.

Amidst this leadership transition, On announced the recruitment of external talent to enhance its management team. New appointments include a chief of innovation from the American bicycle manufacturer Specialized, a supply chain executive from Levi Strauss, a human resources leader from Spotify, and a communications chief from the German publishing house Axel Springer.

David Allemann, one of the co-founders, commented on the new additions, stating that the expansion of the leadership team aims to bring in fresh experience and ideas to prepare for the next phase of growth.

In a separate but related development, the company is facing scrutiny regarding the significant sale of shares by its founders and early managers. At the end of 2021, coinciding with its initial public offering in the United States, the three co-founders, along with the two co-CEOs and two executive board members, collectively owned approximately 34% of On's shares. However, substantial amounts of shares have been sold over the past few years, resulting in the ownership stake of these key individuals dropping to 20% by the end of 2024.

The largest single shareholder is now Fidelity Investments, an American investment firm holding 8.9% of On's shares. Other notable shareholders include Brazilian entrepreneur Carlos Alberto Sicupira with 6.1% and Marc Lemann, with 5.6%. As 2025 progresses, it is expected that the stakes held by the founders and top management will continue to decline. Recent filings with the U.S. Securities and Exchange Commission reveal that significant share packages have been sold in the early months of this year, contributing to the ongoing shift in ownership dynamics.

Despite these sales, company representatives have stated that the departing Maurer's exit will not diminish the influence of the remaining partners, who will still hold more than 50% of the voting rights. This is intended to ensure continuity within the company's ownership structure.

While the founders and long-standing management team retain significant strategic decision-making power, it is important to note that the voting power of anchor shareholders has decreased over the years, which may continue to change following Maurer's departure. The founders plan to acquire slightly more than a third of Maurer's voting shares, with the remainder being converted into shares with reduced voting rights.