Federer-Backed On to Be Led by Founders as CEO Steps Down

On Holding AG co-founders Caspar Coppetti and David Allemann will take over as co-chief executive officers in May as the Swiss sports brand looks to maintain its fast growth.

Current CEO Martin Hoffmann will step down from his role, while Chief Operating Officer Scott Maguire will also assume the title of president, according to a statement Wednesday. The decision is designed to preserve On’s “entrepreneurial speed” and was made mutually, the company said.