On Holding reshuffles leadership as growth momentum slows in 2026

Swiss athletic‑footwear maker On Holding AG has formalized a management transition: Marc Maurer is stepping away from executive duties under a termination and advisory arrangement that concludes on March 31, 2026, while Martin Hoffmann continues as chief executive. The changes are reflected in the company’s regulatory filings and compensation disclosures.

How the move unfolded: Maurer moved out of the co‑CEO operational role on April 1, 2025 and entered an advisory phase; On’s Form 20‑F and related compensation reports document the timing and contractual terms of that transition. The filings also confirm that the company’s founders — notably David Allemann, Caspar Coppetti and Olivier Bernhard — remain centrally involved in governance and strategic oversight.

Market implications are nuanced: although On has reported periods of robust direct‑to‑consumer sales and margin expansion in prior quarters, management turnover can increase short‑term volatility for publicly traded shares. Investors will be watching operational metrics closely, including net sales growth, gross margin progression and inventory trends, as the company pursues its next expansion initiatives. On’s investor materials and trade press highlight apparel growth and market penetration in China as strategic levers.

In a broader context, the leadership adjustments occur amid normalization in sector growth rates and intensified competition in premium running footwear. On’s share‑class structure and the concentration of voting power among the extended founder team mean strategic continuity is likely, but also reinforces the governance profile investors must assess when pricing long‑term risk. Regulatory disclosures provide contractual clarity around the transition timetable.

Analysts expect On to double down on retail expansion and apparel category development while monitoring margins and working capital. Near‑term catalysts for the stock will include quarterly sales beats, margin stability and clear execution updates on China and apparel initiatives. For shareholders, the key will be whether management can translate strategic priorities into sustainable top‑line acceleration without reintroducing inventory pressure or margin compression.