• In late March 2026, On Holding AG announced a leadership shake-up effective May 1, 2026, with co-founders David Allemann and Caspar Coppetti becoming Co-CEOs, long-time CEO and former CFO Martin Hoffmann stepping down into an advisory role, and Frank Sluis joining as the new CFO.
• The reorganization places the founders directly in charge of day-to-day execution while elevating President & COO Scott Maguire to oversee the entire value chain, potentially tightening the link between product innovation and global operations.
• Next, we’ll examine how putting the founders back in Co-CEO roles might influence On Holding’s previously growth-focused investment narrative.

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On Holding Investment Narrative Recap

To own On Holding, you need to believe the brand can keep expanding its premium footwear and apparel globally while defending pricing and margins, helped by growing DTC sales and new product franchises. The biggest near term catalyst remains execution on that DTC and product pipeline story, while a key risk is heavy investment in expansion and innovation that may not scale profitably. The new founder Co CEO structure does not yet appear to change those fundamentals in a material way.

The leadership reshuffle on May 1, 2026, is most directly tied to On’s previously announced plan for its “next growth phase,” including the appointment of incoming CFO Frank Sluis. With founders assuming Co CEO roles and a new finance head stepping in while Martin Hoffmann stays on as advisor through March 2027, investors may focus more on how capital allocation and profitability targets support the DTC, international, and innovation catalysts already in place.

Yet, while the leadership reset aims to keep the growth story intact, investors should be aware of how execution risk around heavy investment could...

On Holding's narrative projects CHF5.2 billion revenue and CHF620.8 million earnings by 2029. This requires 20.1% yearly revenue growth and a CHF417.1 million earnings increase from CHF203.7 million today.

Uncover how On Holding's forecasts yield a $57.68 fair value, a 75% upside to its current price.

Exploring Other Perspectives

Some of the most cautious analysts were already baking in about 23% annual revenue growth and CHF 723.0 million in earnings by 2029, yet this leadership shift could still reshape those expectations and highlights how differently you and other investors might view execution risk on technologies like LightSpray.

Explore 17 other fair value estimates on On Holding - why the stock might be worth just $40.52!

Form Your Own Verdict

Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

• A great starting point for your On Holding research is our analysis highlighting 2 key rewards and 1 important warning sign that could impact your investment decision.
• Our free On Holding research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate On Holding's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.