Yahoo Lifestyle On Co-CEO Marc Maurer to Leave Company After 12 Years
On Holding is transitioning to a single chief executive officer.
The Zurich-based sports brand said Tuesday that co-CEO Marc Maurer will be departing the company after 12 years, turning the reins over to Martin Hoffmann, co-CEO and chief financial officer. Maurer will remain in his position through the end of June and serve as an adviser through March 2026.
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The founders of On, David Allemann and Caspar Coppetti, will continue as executive co-chairmen, and Olivier Bernhard will remain as an executive board member. Together, they will continue to manage On’s product organization and work closely with Hoffmann on the senior leadership team.
Maurer’s planned departure also triggered a number of other management changes. Former Spotify executive Katarina Berg will be joining On on Aug. 1 as chief people officer; Scott Maguire, the former CEO of Specialized, has become chief innovation officer; former Axel Springer executive Adib Sisani has joined as chief communications officer, and Craig Jones, a onetime Levi Strauss executive, has become chief supply chain officer.
Maurer expressed his desire to move on during recent management meetings about the future of the company and how to continue to drive growth, On said. Since On’s founding more than a decade ago and its public listing on the New York Stock Exchange in 2021, the company has achieved sales of more than 2.3 billion Swiss francs and net income of 242 million Swiss francs in 2024, its most recent fiscal year.
“Back in 2013, I could never have imagined my time at On being such an intense, challenging, successful and gratifying experience, for which I’m eternally grateful to my partners and the team,” Maurer said. “After a dozen years, it is time for me to move on, staying true to the culture and explorer spirit we have built.”
Coppetti said Maurer “has played a pivotal role in building On over more than a decade. Having him on our side as a trusted partner and friend during a very defining period of On‘s journey has been invaluable. We will miss Marc as a confidant and business partner, but we also respect his decision that this is a good moment for him to move on to the next chapter in his professional life.”
“Sharing a CEO role with one of your closest friends is simply one of the best things that can happen to you in life,” Hoffmann said, adding that the company has “a strong strategy for sustained long-term growth in place and the dedication to execute it.”
Following his departure from an active role at On, Marc Maurer’s Class B voting shares will initiate a sunset process and he will cease to be a party to the shareholders’ agreement between the company and its partners following the shareholders’ meeting on May 22. While 36 percent of his Class B shares will be acquired by the On founders, the remaining 64 percent will be proposed for conversion into Class A ordinary shares at the meeting.
The news caught Wall Street by surprise and the stock traded down 2.8 percent to close at $42.70 on Tuesday. As Cristina Fernández of Telsey Group wrote in a note: “The departure of co-CEO Marc Maurer comes as a surprise, and the stock could react negatively to the news in the near term. Mr. Maurer is well-liked and will be missed. While a dual co-CEO structure is uncommon and has failed at many companies, it has worked well at On, and Marc and Martin seemed to have a true partnership and friendship. Together, they grew the company to 2.3 billion Swiss francs in 2024 from 425 million Swiss francs in sales in 2020, while expanding the EBITDA margin to 16.7 percent in 2024 from 11.7 percent in 2020.”
But the transition should be smooth, she added, since Hoffmann “has already been deeply involved with the company’s strategy and day-to-day operations,” and the three other founders “remain deeply involved with the company.”
As a result, she expects the company will reach its 2025 guidance and remains on track to meet its 2026 mid-term target of 3.55 billion Swiss francs in sales and an 18 percent earnings before interest, taxes, depreciation and amortization margin. She said she believes the company continues to have several avenues for growth through expanding its store fleet, adding more wholesale distribution, increased apparel penetration and ongoing marketing campaigns.
Tom Nikic of Needham & Co. doesn’t view the management change as concerning. “We believe the change is not spurred by any fundamental issues at the company and was spurred by Mr. Maurer’s desire to find his ‘next big thing,'” he wrote. And with Hoffmann increasingly acting as the face of the company, On should be in good hands. Even so, he lowered his 12-month price target to $50 from $64 due to uncertainties in the macro environment.
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