Why On Holding's Stock Crashed 11% After CEO Exit
Key Points
The departure of Hoffmann, who transitioned from CFO to CEO, removes a key visionary during a critical expansion period.
Returning to a Co-CEO founder model could pay off long-term, but there are significant risks.
Investors are punishing the stock for repeated executive turnover, signaling a lack of confidence in the company’s governance.
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On Holding (NYSE: ONON) shares plummeted 11% following the surprise announcement that CEO Martin Hoffmann will step down on May 1. While co-founders David Allemann and Caspar Coppetti will assume Co-CEO roles, the market reacted sharply to the loss of Hoffmann, often considered the "face" of the company for investors. This leadership shuffle--the second major C-suite change in a year--stokes fears regarding long-term stability and execution. Despite record 2025 sales, investors are clearly wary of shifting the "Dream On" strategy during a pivotal global scaling phase.
*Stock prices used were end-of-day prices of March 25, 2026. The video was published on March 25, 2026.
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Travis Hoium has positions in On Holding. The Motley Fool has positions in and recommends Nike, On Holding, and Starbucks. The Motley Fool has a disclosure policy. Travis Hoium is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through their link they will earn some extra money that supports their channel. Their opinions remain their own and are unaffected by The Motley Fool.
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