Swiss shoemaker On names new COO to help challenge bigger rivals

On Holding AG appointed a new chief operating officer (COO) as the Swiss brand looks to scale up innovations like its Lightspray shoemaking robots and take more market share from rivals Nike Inc. and Adidas AG. 

Scott Maguire, who joined as On’s chief innovation officer in March after stints at Specialized Bicycle Components and Dyson, will now have a dual role to “oversee the integration of innovation and operations,” the company told Bloomberg Tuesday. He will take over as COO in January.

His task will likely involve efforts to scale up the Lightspray robots that On has used to make high-end marathon sneakers and talked of expanding for the production of other footwear. The project is already overseen by Maguire.

The current COO, Samuel Wenger, is leaving to pursue other opportunities in the startup world, according to an internal memo he wrote seen by Bloomberg. 

Wenger joined On in 2017 and helped steer it through a period of hyper growth. He helped build On’s sourcing office in Vietnam, set up its first retail stores and oversaw the finance division following its initial public offering in 2021.

Founded in 2010, Zurich-based On has achieved rapid growth by winning fans in the running world with its light and comfortable footwear and expanding its business into tennis, outdoors and apparel. The company is entering the final year of its three-year strategy outlined in October 2023, which called for a doubling of net sales and achieving high profitability.

Going forward, On will need to keep expanding into new markets, especially in Asia, to maintain growth. Its sneakers are among the most expensive in the industry, with the popular Cloudsurfer Max model selling for 180 dollars. That’s helped it stay highly profitable despite the turmoil caused by President Donald Trump’s trade tariffs and other macroeconomic uncertainty.

Even so, shares of On have dropped 20 % this year, slightly less than Adidas but more than Nike, which is recovering after a series of recent stumbles.