On Holding shakes up leadership team in response to rising pressure, says Jefferies

Jefferies has reiterated its ‘Underperform' rating on shoemaker On Holding (NYSE:ANON) after the company announced a leadership overhaul that will see co-founders David Allemann and Caspar Coppetti take on dual roles as executive co-chairmen and co-CEOs, while current CEO Martin Hoffmann departs. The broker framed the move as a reaction to mounting operational complexity and intensifying competition, particularly from Nike, rather than a signal of strength.