ONON Stock Falls After Surprise CEO Resignation Leaves Wall Street Divided

• BTIG reiterated a ‘Buy’ rating and $70 price target on On Holding.
• Telsey Advisory analyst Cristina Fernandez lowered the firm's price target on On Holding to $60 from $65.
• Co-founder Olivier Bernhard will continue spearheading key performance product initiatives and athlete engagement as an Executive Member of the Board.

ON Holdings (ONON) shares were down nearly 11% on Wednesday after its CEO Martin Hoffmann stepped down from his role, bringing the stock into analysts' focus. 

Telsey Advisory analyst Cristina Fernandez lowered the firm's price target on On Holding to $60 from $65 and kept an ‘Outperform’ rating on the shares.

BTIG reiterated a ‘Buy’ rating and $70 price target on On Holding. After speaking with the company, the firm said it does not believe the change in leadership is reflective of any challenges in the current business, but rather a transition that coincides with its next phase of growth currently being formulated and Hoffmann's desire to pursue more personal interests. 

Management stressed this decision is not correlated with how the current business is doing and their excitement regarding the year ahead is "as high as ever," the analyst told investors in a research note.

New Co-CEOs

The company said that David Allemann and Caspar Coppetti will assume the roles of Co-CEOs, while continuing as Executive Co-Chairmen of the Board. Co-founder Olivier Bernhard will continue spearheading key performance product initiatives and athlete engagement as an Executive Member of the Board.

“With the strategic roadmap for continued growth in place, the four partners collectively recognize that this is the right moment for Martin Hoffmann to step down,” the company said in regards to Hoffman’s stepping down. 

Retail reaction

Retail sentiment around ONON trended in ‘extremely bullish’ territory amid ‘high’ message volume.

Shares in the company have fallen 25% so far in 2026.

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