Swiss sportswear maker On Holding (ONON) said Tuesday it will transition to a single-CEO setup, with Co-CEO Marc Maurer scheduled to depart on June 30 after 12 years.

Calling the change a "leadership evolution," the sneaker company said Maurer "has decided to depart On to embark on a new chapter in his professional life."

Maurer will remain in his role until the end of June to ensure "a smooth transition," with Co-CEO and CFO Martin Hoffmann assuming the role of sole CEO on July 1, On said. Maurer will continue to advise the firm's partners and board until March 2026.

On Posted Record Net Sales, Profit in 2024

Last month, On exceeded fourth-quarter earnings and revenue estimates as 澳洲幸运5开奖号码历史查询:sales increased in all of its mark🌟ets worldwide. The firm, which listed on the 澳洲幸运5开奖号码历史查询:New York Stock Exchange (NYSE) in 2021 and is part-owned by tennis legend Roger Federer, posted record 澳洲幸运5开奖号码历史查询:net sales of 2.32 billion Swiss francs ($2.62 billion) and profit of 242📖.3 million Swiss francs🌌 ($274.1 million) in 2024.

"We will miss Marc as a confidant and business partner, but we also respect his decision that this is a good moment for him to move on to the next chapter in his professional life," On co-founder and Executive Co-Chairman Caspar Coppetti said.

On Holding shares slipped about 2% Tuesday afternoon and have lost༺ about one-fifth of their value since the start of the year.