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On has named Frank Sluis its chief financial officer, the latest change to the fast-growing sportswear retailer’s top ranks as the company transitions away from its unusual co-CEO model.
Sluis previously worked as the CFO for food retailer Ahold Delhaize’s Europe and Indonesia business before moving into sportswear with On. He’ll join the brand in May.
Sluis is succeeding Martin Hoffmann in the role. Hoffmann had been splitting time as the company’s co-CEO and CFO before taking over in July as the business’s sole chief executive following Marc Maurer’s departure.
In a press release, the company cited Sluis’ “expertise in steering large, international organizations with the financial discipline required to support our rapid expansion.”
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On’s surge in popularity over the years has transformed it from a niche running brand into one of the most popular global sportswear brands, competing with the likes of Nike and Adidas. Its fast growth is a reflection of that. The company reported $2.6 billion in annual revenue for its 2024 fiscal year — a 29 percent year-to-year increase. Hoffmann said he expects net sales to increase by at least 34 percent year-to-year for fiscal year 2025.
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