Sportswear brand On has restructured its executive suite as part of its strategy for expanding its global footprint. 

The leadership restructuring will see co-founders David Allemann and Caspar Coppetti assume the roles of co-CEOs, while Frank Sluis will join the company as CFO, effective May 1.

Current CEO Martin Hoffmann will step down from his role on May 1 after a 13-year tenure with the company.

In addition to the CEO transition, Scott Maguire is promoted to president and COO.

Maguire, who was previously chief innovation officer, will now oversee the full value chain, including research and development, manufacturing, marketing, and global commercial operations.

The shift back to the co-CEO model after following a brief period under a single-CEO structure aims to maintain the brand’s ‘entrepreneurial speed’ as it scales.

Both Allemann and Coppetti will continue as executive co-chairmen alongside their new operational responsibilities. 

Co-founder Olivier Bernhard will also remain an executive member of the board, focusing on performance product initiatives and athlete engagement.

Earlier, On Holdings revealed plans to go ‘bigger and bolder’ after record earnings.