On Holding Appoints Co-Founders as Co-CEOs Amid Slowing Growth

Swiss sportswear brand On Holding (ONON) has appointed co-founders David Allemann and Caspar Coppetti as co-CEOs, succeeding Martin Hoffmann. Hoffmann will transition to an advisory role through 2027 after leading the company through five years of rapid expansion. Following the announcement, Jefferies reiterated its 'Underperform' rating on the stock, viewing the leadership shake-up as a defensive reaction to mounting challenges. Analysts at the brokerage suggested the restructuring stems from increasing operational complexity and intensifying competition, particularly from Nike. Jefferies framed the return to founder-led management as a sign of underlying pressure rather than a signal of strategic strength. The move highlights the brand's struggle to maintain momentum as it navigates a decelerating growth environment in the global footwear market.

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