Swiss brand flying high On bosses sell shares - and really cash in
On doesn't seem to be bothered by the economic situation in the world. Six On bosses sell their share packages worth a total of 83 million dollars.
No time? blue News summarizes for you
- Six executives of the Swiss running shoe brand On sold shares worth a total of 83 million dollars.
- Despite the sales, the executives continue to hold the majority of their shares, with the sales accounting for less than 0.5% of their total holdings.
- On's shares have gained 65% since the beginning of the year, boosted by a 28% increase in sales in the second quarter of 2023.
The share price of the Swiss running shoe brand On has risen sharply in recent months. This prompted six managers of the running shoe brand to sell parts of their share packages worth millions.
The largest stake was sold by co-founder Caspar Coppetti. He sold shares worth 23.4 million dollars. Co-founders David Allemann and Olivier Bernhard and other managers also sold shares.
To be more precise: co-founder David Allemann sold shares worth 19.7 million dollars. Kenneth Fox, an independent member of the Board of Directors at On Holding since 2018, received 14.8 million dollars. The third co-founder, Olivier Bernhard, received 11.3 million dollars. The two CEOs, Marc Maurer and Martin Hoffmann, sold shares worth 9.9 million and 4 million dollars respectively.
On is on a high
Last year's annual report once again shows how much the six On executives held in the company at the end of the year. The shares ranged from 5.7 percent held by co-founder Bernhard to 1.2 percent held by board member Fox. All managers sold less than 0.5 percent of their total shareholdings in the last three months.
On is on a high this year. Not only is the share price rising steadily, but sales in the second quarter also increased by 28% to CHF 568 million, as the Zurich-based company, which is listed on the New York Stock Exchange, announced in mid-August.
The high turnover is also having an impact on the company's share price. Since the beginning of the year, the share price has risen by 65 percent. On's shares currently stand at just over 44 dollars and are therefore still 7 dollars away from their all-time high in November 2021.
Not an unusual approach
"The share sales took place as part of existing long-term sales plans and the conversion of options. Such sales plans are created in an open trading window and allow executives to create schedules to automatically buy or sell shares once they reach a predetermined price," an On spokeswoman told Blick.
She continues: "All founders and management members continue to hold the vast majority of their assets in the company and are therefore not only emotionally but also financially committed to the long-term success of On."
It happens time and again that On managers sell parts of their share packages for millions. In December last year, founder Allemann realized 5.1 million dollars from the sale of 172,000 shares. In total, On managers reported share sales worth over 100 million francs in 2023.