On Holding CEO Martin Hoffmann’s Salary Draws Scrutiny Amidst Record Sales

Zurich-based sportswear manufacturer On Holding (NYSE: ONON) reported record sales exceeding 3 billion francs in 2025, but the compensation of its CEO, Martin Hoffmann, has sparked debate. Hoffmann’s 2025 salary package reached 9.8 million francs, a significant increase from the 4 million francs earned the previous year, drawing attention from Swiss media outlets.

Record Sales and Executive Compensation

On Holding achieved a milestone in 2025, surpassing 3 billion francs in sales for the first time. This success coincides with Hoffmann’s transition to sole CEO and CFO in July 2025, following the departure of co-CEO Marc Maurer On Announces Leadership Evolution. His 2025 compensation package included a 5 million franc one-time, performance-related bonus paid in shares as part of a multi-year incentive program.

Industry Comparison

While Hoffmann’s salary has raised eyebrows, it is comparable to other leaders in the sportswear industry. Björn Gulden, CEO of Adidas, received over 7 million euros in 2024 ON CEO discusses AI, robotics role in new Cloudmonster shoes. Yasuhito Hirota, CEO of Asics, earned less than 2 million.

Shareholder Concerns

Despite the company’s financial success, On Holding does not currently pay dividends or repurchase shares. The company’s stock price is also 17 percent lower than the previous year ON CEO discusses AI, robotics role in new Cloudmonster shoes, leading some investors to question the distribution of wealth within the company.

Leadership Transition and Company Growth

Martin Hoffmann joined On in 2013 as CFO and became co-CEO in 2021, playing a key role in the company’s initial public offering on the New York Stock Exchange Martin Hoffmann – retailboss.co. He assumed the role of sole CEO on July 1, 2025 On Announces Leadership Evolution. Under his leadership, On aims to develop into the most premium global sports brand, focusing on innovation and high-quality growth.

Looking Ahead

On Holding continues to pursue its “Dream On” vision, targeting high margins and sustained global sales momentum. The company’s success will likely depend on its ability to balance executive compensation with shareholder value and maintain its growth trajectory in a competitive market.