1229 ET - On Holding announces a leadership switch-up, appointing co-founders David Allemann and Caspar Coppetti as co-CEOs as Martin Hoffmann prepares to step down on May 1. The Swiss athletic shoemaker says the change will drive its next phase of global expansion, but Jefferies analysts disagree. "We see this as a reaction to business complexity rising and competitive pressure building," they say in a research note. They add On's total addressable market isn't as big as the Street thinks it is, meaning growth will slow, margins will compress and shares will decline substantially. "The departure of two CEOs in a year is notable for a company that considers itself in the 1st inning of growth," the analysts add. Shares fall 11%. (connor.hart@wsj.com)

(END) Dow Jones Newswires

March 25, 2026 12:29 ET (16:29 GMT)

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