Martin Hoffmann can finally take a breath.
On Wednesday, On Holding said Frank Sluis will join the company as chief financial officer on May 1.
Since last spring Hoffmann, chief executive officer, has also been serving as CFO following the departure of Marc Maurer.
Sluis was most recently CFO for Europe and Indonesia at Ahold Delhaize, a leading food retail group, a position he has held since 2021. In that role he managed the financial operations for businesses that account for more than 30 billion euros in annual sales. The Netherlands native has also worked for Reckitt Benckiser and Unilever and is an avid marathoner and triathlete.
Hoffmann will continue to oversee On’s financial operations until Sluis joins.
“We set out to identify the next right financial leader for On,” said Casper Coppetti, cofounder and executive co-chairman of On. “Frank stood out for his personal drive that will match our pace from Day One, his credibility as a strategic partner to the board and the CEO, and his proven ability to align long-term vision and financial leadership.”
Hoffmann added: “Frank joins On at an exciting moment — our brand is resonating globally, our vision is clear and we are executing with a level of precision that continues to drive record results. He complements our management team with experience at a scale significantly larger than where we are today, yet fully aligns with our values. Frank brings a passion for our brand and a leadership style that will empower our talented team to reach new heights, and I look forward to partnering with him to further unlock our potential.”
Sluis cited On’s “strong values” and “an ambitious global growth trajectory” as reasons for joining the growing brand. “I am deeply passionate about sports and sustainability, and I strongly believe in On’s mission and culture,” he said.
Wall Street gave the appointment a thumbs up. Peter McGoldrick of Stifel said he was “encouraged by the added organizational bandwidth,” and by freeing Hoffmann up to focus on the company’s strategic vision and direction, he anticipates the company’s growth will continue and expects the stock to move higher this year. The analyst affirmed his buy rating on the stock, writing: “We remain bullish on the growth opportunity, and see a compelling runway for growth through driving loyal consumer behavior, driving penetration in growth markets (APAC) and expanding categories.”
Cristina Fernandez was also positive on the move. The Telsey Group analyst believes Sluis’ “significant experience leading a large-scale global finance organization” as well as his skills with procurement and sourcing and his love of athletics will make him a fit with the current management team.
She too is expecting the company to continue to grow this year as it unveils new footwear products, ramps up its store openings, expands its wholesale footprint and increases its apparel penetration. She maintained her “outperform” rating on the stock.
