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.