When founders reclaim the wheel, the market should ask a central question: why now?
When founders reclaim the wheel, the market should ask a central question: why now?
On Holding announced that co-founders David Allemann and Caspar Coppetti will become co-CEOs on May 1, while Martin Hoffmann steps down and remains an adviser through March 2027. (Reuters)
That alone is notable. But the timing is what makes it interesting.
Reuters tied the move to softer U.S. demand, tougher competition, and a stock that has fallen sharply since early 2025. That changes how you read this.
Founder returns are rarely ceremonial. They usually happen when the margin for error gets smaller and the company wants product instinct and brand judgment closer to day-to-day operating decisions.
Hoffmann helped guide On through its IPO and the shift to life as a public company. That’s a real chapter. This feels less like repudiation and more like a handoff of what the company needs next.
It also raises a fair question: did the board view Hoffmann as more of the “public markets and finance” leader, and now wants the founders closer to the product and brand choices that drive demand?
More direct leadership. Faster judgment. A tighter link between the brand and the business.
That’s the signal.
For investors, the question isn’t whether the founders know the company best.
It’s whether this move reflects confidence in the next phase, or concern that the old rhythm no longer fits the moment.
Sometimes founder returns signal conviction.
Sometimes they signal urgency.
Which one do you think this is?
🔗 Source: Sportswear Brand On Names Co-Founders as New CEOs After Veteran Hoffmann Exits
