Swiss sneaker maker On Holding has replaced its CEO, Martin Hoffmann, with co-founders David Allemann and Caspar Coppetti becoming co-CEOs. This comes as the company is preparing to enter its "next growth phase," following forecasts that sales growth would slow more than expected this year. Hoffmann will remain an advisor until March 2027. The company, which went public in 2021, has been gaining market share with innovative products in performance footwear and apparel.