02:50 PM EDT, 03/25/2026 (MT Newswires) -- (Updates with recent stock price movement in the headline and first paragraph.)

On (ONON) shares were down 11% in Wednesday trading after the company said it named co-founders David Allemann and Caspar Coppetti as co-chief executives, effective May 1.

Martin Hoffmann will step down as chief executive, but will remain as an advisor through March 2027, the company said.

The sportswear company also said it named Scott Maguire as president and chief operating officer.

Price: 35.10, Change: -4.49, Percent Change: -11.34