March 25 (Reuters) - Footwear maker On Holding ( ONON ) on Wednesday said its co-founders David Allemann and Caspar Coppetti will take over as co-CEOs from May 1, replacing Martin Hoffmann.

Hoffmann will leave the company after a five-year term as CEO. He will remain an adviser through March 2027, the company said in a statement.

The company said it will "implement a leadership structure that sustains close connectedness across the organization, unifying strategic intent, innovation, product, brand, and commercial execution."

Earlier this month, On Holding ( ONON ) forecast muted annual sales growth, causing its shares to tumble.

(Reporting by Juveria Tabassum in Bengaluru; Editing by Mrigank Dhaniwala)