April 1 (Reuters) - Roger Federer-backed On Holding

said on Tuesday its co-CEO Marc Maurer has decided to

depart after 12 years with the Switzerland-based sportswear

company.

On said it will transition to a single-CEO structure, with

current co-CEO and Chief Financial Officer Martin Hoffmann

taking the helm effective July 1, 2025. Hoffmann would continue

as CFO while the company looks for a new finance head.

Maurer will stay in his role until June 30 and will continue

to advise the co-founders of the company, David Allemann and

Caspar Coppetti, as well as the board until March 2026.

Under Maurer and Hoffmann, On went public in 2021, and its

running shoes have become customer favorites, challenging rivals

and taking market share from sportswear giants such as Nike ( NKE )

and Adidas.

In March, On topped fourth-quarter sales and profit

expectations as its brand awareness initiatives helped drive

strong holiday demand for its shoes and sportswear offerings.

It has benefited from efforts to expand its product lines at

retailers such as Foot Locker and Dick's Sporting Goods, while

also doubling down on its own stores to boost sales.