Dive Brief:
- Athletics brand On named Frank Sluis as its new CFO, effective May 1, per a Wednesday press release.
- Sluis will take over the finance responsibilities from On CEO Martin Hoffmann. Hoffmann took on the sole CEO position in July of 2025 while continuing to handle the CFO role.
- Sluis has 25 years of experience and most recently served as the CFO for Europe and Indonesia at food retailing company Ahold Delhaize.
Dive Insight:
Sluis’ appointment at On will allow the brand’s CEO to finally pass the baton on finance leadership.
“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,” On’s CEO Hoffmann said in a statement. “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.”
The CFO shuffle follows recent quarterly success for the higher-end athletics company.
On’s third quarter results saw net sales increase 25% to 794.4 million Swiss francs (about $1 billion at the time) and reported a net income of 118.9 million Swiss francs. The brand also raised its full-year guidance, as Executive Co-Chairman Caspar Coppetti said on a call with analysts that its affluent shoppers “are not price sensitive.”
Along with his clear finance experience at a global company, Sluis is a good fit for the brand partly because of his cultural alignment with the existing management team, according to Telsey Advisory Group analysts.
“The announcement should be well received, as On took its time to ensure it found the right leader and fit for this important role,” Telsey analysts led by Cristina Fernández said in an emailed note Wednesday.
Overall, On is seen as a healthy company to industry analysts despite some of the global macroeconomic uncertainty plaguing various retailers and brands.
“[On] remains one of the highest-momentum names in our coverage,” Needham analysts led by Tom Nikic added in a Wednesday note. “The company was at the ICR Conference in Orlando earlier this month and sounded highly confident in its long-term growth prospects, noting a strong holiday season for both DTC and wholesale, with little-to-no discounting.”
