TLDR
- On Holding (ONON) stock dropped roughly 11% after CEO Martin Hoffmann announced he will step down on May 1, 2026.
- Co-founders David Allemann and Caspar Coppetti will take over as co-CEOs, while also keeping their executive co-chairman roles.
- Frank Sluis has been named the incoming CFO, and Scott Maguire has been promoted to President & COO.
- Hoffmann will stay on as an advisor through March 2027.
- Jefferies reiterated a Sell rating with a $30 price target; Williams Trading cut its target from $44 to $41, both citing leadership concerns.
On Holding (ONON) stock fell sharply on Wednesday after the Swiss athletic brand announced that CEO Martin Hoffmann will leave the company effective May 1, 2026. The stock dropped around 11%, pushing it close to its 52-week low.
Hoffmann has been at On Holding for 13 years, serving as both CEO and CFO during that time. He said he plans to take a break and focus on philanthropic work. He told analysts on a follow-up call that he felt it was right to announce his departure ahead of internal meetings focused on the company’s 2030 objectives.
He will remain with the company as an advisor through March 2027 to help with the handover.
Founders Step Back Into the Driver’s Seat
Taking over as co-CEOs are David Allemann and Caspar Coppetti — two of On Holding’s original co-founders. Both will continue to serve as executive co-chairmen at the same time.
The third co-founder, Olivier Bernhard, is not taking a formal leadership title but will stay focused on product development and athlete engagement as an executive board member.
Coppetti said on the analyst call that the founders have remained closely involved in running the company throughout its growth.
The company also named Frank Sluis as its new CFO, stepping into the financial duties Hoffmann previously handled. Scott Maguire, who was previously Chief Innovation Officer and COO, has been promoted to President & COO, now overseeing R&D, manufacturing, marketing, and global operations.
Management described the moves as part of On Holding’s “next phase of global expansion.” The company surpassed CHF 3 billion in annual net sales in 2025.
Analysts React With Caution
Wall Street’s reaction was mixed but skewed cautious in the immediate aftermath.
Jefferies analyst Randal Konik kept his Sell rating and $30 price target in place. He sees the leadership change as a reaction to growing business complexity and rising competition, especially from Nike. Konik maintains that On Holding’s total addressable market is smaller than investors believe, and that growth could slow while margins come under pressure.
Williams Trading cut its price target from $44 to $41, keeping a Hold rating. The firm flagged concerns about whether On Holding has the operational depth needed to manage the nuances of its wholesale distribution network. That said, it acknowledged the company’s strong fundamentals — including 63% gross profit margins and 30% revenue growth over the past twelve months.
Not everyone is bearish. BTIG kept its Buy rating with a $70 price target. Telsey Advisory Group trimmed its target from $65 to $60 but kept an Outperform rating.
The broader Wall Street view remains constructive. Based on 16 Buy ratings, one Hold, and one Sell over the past three months, ONON carries a Strong Buy consensus with an average price target of $57.53 — implying over 62% upside from current levels. The stock currently trades near its 52-week low of $34.38.
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