April 1 (Reuters) - Roger Federer-backed On Holding said on Tuesday its co-CEO Marc Maurer has decided to depart after 12 years with the Switzerland-based sportswear company.

On said it will transition to a single-CEO structure, with current co-CEO and Chief Financial Officer Martin Hoffmann taking the helm effective July 1, 2025. Hoffmann would continue as CFO while the company looks for a new finance head.

Maurer will stay in his role until June 30 and will continue to advise the co-founders of the company, David Allemann and Caspar Coppetti, as well as the board until March 2026.

Under Maurer and Hoffmann, On went public in 2021, and its running shoes have become customer favorites, challenging rivals and taking market share from sportswear giants such as Nike ( NKE ) and Adidas.

In March, On topped fourth-quarter sales and profit expectations as its brand awareness initiatives helped drive strong holiday demand for its shoes and sportswear offerings.

It has benefited from efforts to expand its product lines at retailers such as Foot Locker and Dick's Sporting Goods, while also doubling down on its own stores to boost sales. (Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Vijay Kishore)