The three co-founders still lead On. Federer is a co-owner. And in 2026, the long-time CEO hands over the wheel.
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✦ The bottom line
On's three co-founders — David Allemann, Caspar Coppetti, and Olivier Bernhard — remain executive chairmen and director. Tennis legend Roger Federer is a co-entrepreneur and investor. The one big change: Martin Hoffmann, long-time CEO and CFO, is handing over the CEO role in 2026.
↓ the brief below
✦ Teach me
Founder ownership & skin in the game
When the people who founded a company still run and own a big chunk of it, they tend to make decisions like owners — protecting the brand, thinking long-term — rather than chasing the next quarter.
On's founders still hold significant control. Roger Federer's stake adds both credibility and aligned incentives. A CEO change is worth watching, but with the founders still at the center of gravity, the brand's direction stays anchored.
Wall Street calls this
Founder-led / insider ownership
Founder-led brands often guard their identity more fiercely — exactly what protects a premium brand like On. The risk is key-person dependence; the upside is long-term thinking.
The people behind On
2010
Olivier Bernhard (a former Ironman champion) with David Allemann and Caspar Coppetti found On in Switzerland.
2019
Roger Federer joins as investor and co-entrepreneur — a credibility and brand accelerant, not just a sponsorship.
2021–2025
Martin Hoffmann leads as CEO/CFO through the IPO and the scale-up to CHF 3B; founders stay on as executive chairmen.
2026
Hoffmann hands over the CEO role 'at a time when On is stronger than ever.' The founders remain the constant.
From the 20-F · Federer as 'co-entrepreneur'
...such as our co-entrepreneur, Roger Federer, athletes chosen by us, and influencers, who we refer to as our ambassadors.
↳ Note the word: co-entrepreneur, not 'celebrity endorser.' Federer is an owner with aligned incentives — a meaningful difference for a brand that lives and dies on credibility.
Source · 20-F · Business — Brand & Ambassadors · FY2025 · Filed Mar 3, 2026
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Founder-led, in transition
Founders still anchor the brand and Federer is an aligned co-owner — a strength. The 2026 CEO handover is the one thing to watch.