On Holding slides as founder co-CEO transition takes effect May 1
ONON•On Holding shares fell as the market digested a leadership change taking effect May 1, 2026, with co-founders David Allemann and Caspar Coppetti becoming co-CEOs as Martin Hoffmann steps down. The move is extending investor concerns about executive turnover as the company heads toward its Q1 2026 results on May 12.
1. What’s moving the stock today
On Holding (ONON) is trading lower as a scheduled C-suite transition becomes effective on May 1, 2026, placing co-founders David Allemann and Caspar Coppetti into co-CEO roles while Martin Hoffmann steps down from the CEO position. The leadership shuffle has been a focal point for investors since it was announced, and today’s session reflects renewed attention to governance and execution risk as the handoff formally begins. (streetinsider.com)
2. Why investors are reacting now
Even though the change was pre-announced, the effective-date moment can act as a catalyst because it removes “waiting time” and forces the market to re-rate the company under a new operating setup. The shift also comes alongside other finance-leadership changes previously disclosed, including a CFO transition effective May 1, which adds another layer of near-term uncertainty for investors focused on operational consistency and forecast delivery. (d18rn0p25nwr6d.cloudfront.net)
3. What to watch next
The next major event on the calendar is On’s first-quarter 2026 earnings release on Tuesday, May 12, 2026, before U.S. markets open, which will be the first detailed update investors receive under the new CEO/CFO structure. Commentary around demand trends, margin trajectory, and any refinement to 2026 outlook language will likely matter more than usual given the leadership reset now in place. (investors.on-running.com)
