On’s longtime chief executive officer Martin Hoffmann, who piloted the Swiss activewear brand through a rapid growth phase and transformation, is stepping down on May 1 “to take a planned hiatus and pursue philanthropic interests.”

On Wednesday, the Swiss company said two of its founders, David Allemann and Caspar Coppetti, will succeed him and serve as co-CEOs while continuing as executive co-chairmen of the board.

In addition, Scott Maguire, On’s chief innovation and operations officer, has been promoted to president and chief operating officer.

“In seamless partnership with the co-founders, Martin engineered the financial framework and strategic discipline and served as the essential link between On’s founder-led vision and the operational scale that transformed the company to the force it is today,” the company said in a statement.

During his eventful 13-year tenure, Hoffmann saw On Running evolve from a sneaker startup into a formidable activewear player that generated revenues in excess of 3 billion Swiss francs, or $3.8 billion, in 2025.

Commenting on the management transition, Allemann stated: “By unifying founder-led strategic intent with our operational core, we aim to move faster, stay relentlessly focused on product heat and continue pushing the boundaries of what a sportswear brand can be.”

“It is difficult to put into words how impactful Martin has been,” Coppetti added. “From our early days through a landmark IPO, his commitment to our culture and financial discipline has been instrumental. It has been a privilege to work alongside him and we are deeply grateful for his partnership, his outstanding contribution and the legacy he has built.”

On’s third cofounder Olivier Bernhard is to “continue spearheading key performance product initiatives and athlete engagement as an executive member of the board,” the company noted.

Bernhard called Maquire “a rare find” and someone who “naturally he connects engineering and design with execution.”