Shares of On Holding AG (ONON) declined after the company announced a leadership transition as it enters its next growth phase.
The stock is currently trading at $36.17, down $3.42 or 8.65%, on the NYSE. It opened at $36.97 after closing the previous session at $39.60. The stock has traded between $34.38 and $61.29 over the past 52 weeks.
On Holding said co-founders David Allemann and Caspar Coppetti will take over as Co-CEOs effective May 1, 2026, while current CEO Martin Hoffmann steps down following a 13-year tenure with the company.
The move comes after a record 2025, during which On reported annual net sales exceeding CHF 3 billion, reflecting strong growth momentum.
The company said the new leadership structure is designed to maintain agility, accelerate innovation, and support its next phase of global expansion.
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