Swiss shoemaker On Holding AG is streamlining its leadership ranks with Martin Hoffmann taking over as sole chief executive officer.
Hoffmann has served as co-CEO since 2021 alongside Marc Maurer, who is leaving the company, according to a statement. The pair joined On 12 years ago to support its three co-founders as they built out the new running-shoe brand. Hoffmann has also served as chief financial officer.
It’s the latest move in On’s shift from its early phase into a more mature company. Founded in 2010, the Zurich-based firm has expanded rapidly, first in central Europe and later in the US, the world’s largest sports market.
Its New York-listed shares have gained almost 25% over the past 12 months.
On is currently managed by a five-person partnership that includes Hoffmann, Maurer and the three Swiss founders. Maurer will drop out after the annual shareholder meeting in May, with some of his voting shares being acquired by the four remaining partners, and others potentially getting converted into ordinary shares in the future, On said.
On’s board of directors are now searching for a new CFO, according to the statement.
The leadership change takes effect on July 1, with Maurer continuing to advise Hoffmann and the three founders through next March, according to the statement.