Footwear maker On Holding on Wednesday said its co-founders David Allemann and Caspar Coppetti will take over as co-CEOs from May 1, replacing Martin Hoffmann.

Hoffmann will leave the company after a five-year term as CEO. He will remain an adviser through March 2027, the company said in a statement.

The company said it will “implement a leadership structure that sustains close connectedness across the organization, unifying strategic intent, innovation, product, brand, and commercial execution.”

Earlier this month, On Holding forecast muted annual sales growth, causing its shares to tumble.